by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY SUGAR
May sugar closed up 14 points at 14.25 cents today. Prices closed nearer the session high and scored another fresh 16-month high today. Bulls have solid upside technical momentum amid fresh speculative and commodity fund buying and stronger “outside markets” like gold and crude oil. A three-month-old uptrend remains in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above resistance at 14.50 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 13.40 cents. First resistance is seen at today’s high of 14.28 cents and then at 14.40 cents. First support is seen at 14.00 cents and then at today’s low of 13.93 cents.
Wyckoff’s Market Rating: 8.5
MAY FEEDER CATTLE
May coffee closed down 25 points at 157.50 cents today. Prices closed nearer the session high. Coffee bulls still have the solid upside near-term technical advantage amid no strong signs that a market top is close at hand. Bulls’ next upside price objective is closing prices above solid technical resistance at the contract high of 160.15 cents. The next downside price objective for the bears is closing prices below solid support at 152.00 cents a pound. First support is seen at 156.00 cents and then at 155.00 cents. First resistance is seen at today’s high of 158.80 cents and then at 160.15 cents.
Wyckoff’s Market Rating: 8.0
MAY COCOA
May cocoa closed down $51 at $2,457 today. Prices backed off again on more profit-taking pressure today, closing nearer the session low. No serious chart damage has occurred recently but the bulls are fading and need to show power soon. 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 the contract high of $2,587. The next downside price objective for the bears is closing prices below solid support at $2,400. First resistance is seen at $2,500 and then at today’s high of $2,518. First support is seen at today’s low of $2,426 and then at $2,400.
Wyckoff’s Market Rating: 8.0
MAY COTTON
May cotton closed up 81 points at 72.61 cents today. Prices closed near the session high today and hit a fresh four- week high. Cotton bulls have gained solid upside technical power, including more today, and are looking for more on the upside in the near term. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 73.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at 70.00 cents. First resistance is seen at today’s high of 72.70 cents and then at 73.00 cents. First support is seen at 72.00 cents and then at 71.72 cents.
Wyckoff’s Market Rating: 8.0
MAY ORANGE JUICE
May orange juice closed up 255 points at $1.2750. Prices closed near mid-range on short covering in a bear market and some speculative bargain hunting amid the big rallies in other commodity markets recently. A seven-week-old downtrend is still 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 $1.3050. The next downside price objective for the OJ bears is pushing and closing prices below solid support at this week’s low of $1.2355. First resistance is seen at today’s high of $1.2915 and then at $1.3050. First support is seen at today’s low of $1.2500 and then at $1.2355
Wyckoff’s Market Rating: 3.5
MARCH LUMBER
March lumber futures closed down $4.80 at $216.50 today. Prices closed near the session low and hit a fresh three- week low. The recent “collapse in volatility” in the lumber market made me suspect a bigger price move was on the horizon, and we got it today. Bulls have been frustrated the lumber market cannot rally from lower levels as other raw commodity futures markets soar higher, many to fresh all-time highs. The next upside technical objective for the lumber bulls is pushing prices above solid resistance at $227.50. The next downside price objective for the bears is pushing and closing prices below solid support at the contract low of $213.60. First resistance is seen at today’s high of $219.50 and then at this week’s high of $223.20. First support is seen at today’s low of $215.00 and then at $213.60.
Wyckoff’s Market Rating: 1.0
