by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY SUGAR
May sugar closed down 8 points at 14.46 cents today. Prices closed nearer the session low today after hitting a fresh 1.5-year high early on. Bulls still have solid upside technical momentum. 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 14.64 cents and then at today’s high of 14.99 cents. First support is seen at today’s low of 14.31 cents and then at this week’s low of 14.11 cents.
Wyckoff’s Market Rating: 8.0
MAY COFFEE
May coffee closed up 445 points at 164.75 cents today. Prices closed nearer the session high today and closed at a fresh contract high close. Coffee bulls 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 today’s high and 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 161.30 cents and then at this week’s low of 159.30 cents. First resistance is seen at today’s high of 166.35 cents and then at 167.50 cents.
Wyckoff’s Market Rating: 8.5
MAY COCOA
May cocoa closed up $93 at $2,725 today. Prices closed nearer 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. However, the market is now short-term overbought, technically, and due for a corrective pullback soon. The next upside price objective for the bulls is to push and close prices above technical resistance at $2,800. The next downside price objective for the bears is closing prices below solid support at $2,600. First resistance is seen at today’s contract high of $2,758 and then at $2,800. First support is seen at $2,700 and then at $2,665.
Wyckoff’s Market Rating: 10.0
MAY COTTON
May cotton closed down 176 points at 77.72 cents today. Prices closed near the session low on profit-taking pressure and no chart damage occurred. Cotton bulls still have the solid near-term technical advantage. Cotton traders should continue to look to the grain futures markets for direction. Cotton bulls’ next upside price objective is to push and close prices above resistance at the contract high of 80.36 cents. The next downside price objective for the bears is to produce a close below strong technical support at 75.00 cents. First resistance is seen at 78.00 cents and then at 79.00 cents. First support is seen at today’s low of 77.23 cents and then at 77.00 cents.
Wyckoff’s Market Rating: 8.5
MAY ORANGE JUICE
May orange juice closed up 165 points at $1.2770. Prices closed near the session low today. Short covering was featured. An eight-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 $1.2290. First resistance is seen at today’s high of $1.2975 and then at $1.3050. First support is seen at $1.2700 and then at $1.2600.
Wyckoff’s Market Rating: 5.0
MAY LUMBER
May lumber futures closed up $3.80 at $240.80 today. Prices closed near the session high on short covering in a bear market. Bears still have the 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 this week’s high of $243.00 and then at $245.00. First support is seen at $237.50 and then at this week’s low of $234.20.
Wyckoff’s Market Rating: 2.0
