by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY SUGAR
May sugar closed up 37 points at 14.59 cents today. Prices closed near the session high today and hit a fresh 1.5-year high. Bulls still have solid upside technical momentum amid continued speculative and commodity fund buying coming into this market. 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 major psychological resistance at 15.00 cents. Bears’ next downside price objective is to push and close prices below psychological support at 14.00 cents. First resistance is seen at today’s high of 14.64 cents and then at 14.75 cents. First support is seen at today’s low of 14.21 cents and then at this week’s low of 14.11 cents.
Wyckoff’s Market Rating: 8.5
MAY COFFEE
May coffee closed down 355 points at 160.45 cents today. Prices closed nearer the session low today on profit-taking pressure. No chart damage occurred and 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 166.35 cents. The next downside price objective for the bears is closing prices below solid support at 157.50 cents a pound. First support is seen at today’s low of 159.30 cents and then at 157.50 cents. First resistance is seen at today’s high of 163.65 cents and then at 166.35 cents.
Wyckoff’s Market Rating: 8.0
MAY COCOA
May cocoa closed up $40 at $2,644 today. Prices closed near the session high and hit another fresh contract high today, on continued speculative and fund buying. Bulls still have the solid near-term technical advantage, amid no signs of a near-term market top being in place. 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 $2,700. The next downside price objective for the bears is closing prices below solid support at $2,500. First resistance is seen at today’s contract high of $2,644 and then at $2,675. First support is seen at $2,600 and then at this week’s low of $2,554.
Wyckoff’s Market Rating: 9.0
MAY COTTON
May cotton closed up 139 points at 80.20 cents today. Prices hit another fresh contract high today. Cotton bulls have solid upside technical power and gained more today amid fund and fresh speculative buying, and amid the big rallies in grain futures. Cotton bulls’ next upside price objective is to push and close prices above resistance at 81.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at 77.00 cents. First resistance is seen at today’s contract high of 80.36 cents and then at 81.00 cents. First support is seen at 79.00 cents and then at 78.00 cents.
Wyckoff’s Market Rating: 10.0
MAY ORANGE JUICE
May orange juice closed steady at $1.2600. Prices closed near the session high today after hitting a fresh five- month low early on today. Bulls can’t get a rally uncorked despite most other commodity markets that are rallying strongly. An eight-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 $1.3050. The next downside price objective for the OJ bears is pushing and closing prices below solid support at today’s low of $1.2290. First resistance is seen at $1.2750 and then at $1.2900. First support is seen at $1.2355 and then at $1.2290.
Wyckoff’s Market Rating: 4.5
MAY LUMBER
May lumber futures closed down $0.90 at $237.00 today. Prices closed near the session high. Bears still have the solid near-term technical advantage. The next upside technical objective for the lumber bulls is pushing prices above solid resistance at $245.00. The next downside price objective for the bears is pushing and closing prices below support at the contract low of $232.80. First resistance is seen at $240.00 and then at this week’s high of $243.00. First support is seen at $235.00 and then at today’s low of $234.20.
Wyckoff’s Market Rating: 1.0
