by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY SUGAR
May sugar closed down 21 points at 12.88 cents on Tuesday. Prices closed near mid-range and were pressured by profit taking. The bulls still have the overall near-term technical advantage. A 2.5-month-old uptrend remains in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above technical resistance at the January high of 13.40 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 12.50 cents. First resistance is seen at yesterday’s high of 13.12 cents and then at this week’s high of 13.22 cents. First support is seen at yesterday’s low of 12.73 cents and then at 12.60 cents.
Wyckoff’s Market Rating: 7.5
MAY COFFEE
May coffee closed down 95 points at 149.55 cents yesterday. Prices closed near the session low on mild profit taking but did hit another fresh contract high early on yesterday. Bulls still have the solid upside near-term technical advantage. Bulls’ next upside price objective is closing prices above solid technical resistance at 152.50 cents. The next downside price objective for the bears is closing prices below solid support at 146.00 cents a pound. First support is seen at this week’s low of 148.00 cents and then at 147.00 cents. First resistance is seen at yesterday’s contract high of 151.30 cents and then at 152.50 cents.
Wyckoff’s Market Rating: 8.0
MAY COCOA
May cocoa closed up $32 at $2,450 yesterday. Prices hit a fresh contract high yesterday and closed nearer the session low. Bulls have the solid near-term technical advantage amid no strong clues that a market top is close at hand. A three- month-old uptrend is still in place on the daily bar chart. The next upside price objective for the bulls is to push and close prices above technical resistance at yesterday’s contract high of $2,499. The next downside price objective for the bears is closing prices below solid support at last week’s low of $2,328. First resistance is seen at $2,499 and then at $2,550. First support is seen at yesterday’s low of $2,420 and then at $2,400.
Wyckoff’s Market Rating: 8.5
MAY COTTON
May cotton closed down 32 points at 68.69 cents yesterday. Prices again closed nearer the session low. Significant near-term chart damage has been inflicted this week. That chart damage could be repaired if bulls made a quick recovery this week. Cotton futures have been a follower of weaker grain futures markets this week. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 70.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at this week’s low of 68.05 cents. First resistance is seen at yesterday’s high of 69.41 cents and then at 70.00 cents. First support is seen at yesterday’s low of 68.50 cents and then at 68.05 cents.
Wyckoff’s Market Rating: 4.5
MAY ORANGE JUICE
May orange juice closed down 20 points at $1.2840 yesterday. Prices closed near mid-range and hit a fresh 4.5-month low yesterday. Serious near-term chart damage has been inflicted recently. A six-week-old downtrend is in place on the daily bar chart. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at $1.3500. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.2600. First resistance is seen at yesterday’s high of $1.3000 and then at this week’s high of $1.3140. First support is seen at yesterday’s low of $1.2740 and then at $1.2600.
Wyckoff’s Market Rating: 3.0
MARCH LUMBER
March lumber futures closed down $5.30 at $228.40 yesterday. Prices closed nearer the session low after hitting a fresh four-week high early on. Prices scored a bearish “outside day” down on the daily bar chart yesterday. The next upside technical objective for the lumber bulls is pushing prices above resistance at yesterday’s high of $237.30. The next downside price objective for the bears is pushing and closing prices below solid support at $225.00. First resistance is seen at $230.00 and then at $234.00. First support is seen at yesterday’s low of $227.00 and then at $225.00.
Wyckoff’s Market Rating: 2.5
