by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY SUGAR
May sugar closed down 35 points at 12.35 cents yesterday. Prices closed near the session low. The bulls still have the overall near-term technical advantage, but have faded this week and need to show more power soon. A two- 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 12.90 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 12.00 cents. First resistance is seen at 12.50 cents and then at yesterday’s high of 12.71 cents. First support is seen at yesterday’s low of 12.30 cents and then at 12.15 cents.
Wyckoff’s Market Rating: 7.0
MAY COFFEE
May coffee closed down 20 points at 145.05 cents yesterday. Prices closed near mid-range. Bulls still have the upside near-term technical advantage after pushing prices to a contract high on Monday. But now bulls need to show that important follow-through strength very soon. Bulls’ next upside price objective is closing prices above solid technical resistance at 150.00 cents. The next downside price objective for the bears is closing prices below solid support at 142.00 cents a pound. First support is seen at yesterday’s low of 143.50 cents and then at 142.00 cents. First resistance is seen at yesterday’s high of 146.25 cents and then at the contract high of 147.00 cents.
Wyckoff’s Market Rating: 8.0
MAY COCOA
May cocoa closed up $10 at $2,386 yesterday. Prices closed nearer the session high yesterday and hit another fresh contract high. Bulls still have solid upside near-term technical momentum. A three-month-old uptrend is still in place on the daily bar chart. However, the market is still 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 $2,400. The next downside price objective for the bears is closing prices below solid support at $2,300. First resistance is seen at yesterday’s contract high of $2,395 and then at $2,400. First support is seen at this week’s low of $2,345 and then at $2,315.
Wyckoff’s Market Rating: 9.0
MARCH COTTON
March cotton closed down 82 points at 68.05 cents yesterday. Prices closed near the session low. Prices are presently trapped in a trading range on the daily bar chart, and the direction in which prices “break out” of that trading range is likely to be the next significant trend of the market. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 69.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at the January low of 66.66 cents. First resistance is seen at 68.50 cents and then at 69.00 cents. First support is seen at yesterday’s low of 67.85 cents and then at 67.23 cents.
Wyckoff’s Market Rating: 6.0
MAY ORANGE JUICE
May orange juice closed up 30 points at $1.2830 yesterday. Prices closed near the session high in quieter trading. Prices are still trapped in the middle of a trading range on the daily bar chart. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at last week’s high of $1.4425. The next downside price objective for the OJ bears is pushing and closing prices below solid support at last week’s low of $1.3500. First resistance is seen at this week’s high of $1.4000 and then at $1.4100. First support is seen at yesterday’s low of $1.3675 and then at $1.3500.
Wyckoff’s Market Rating: 5.0
MARCH LUMBER
March lumber futures closed down $4.80 at $221.50 yesterday. Prices closed near the session low. The lumber bears still have the overall near-term technical advantage. The next upside technical objective for the lumber bulls is pushing prices above resistance at this week’s high of $227.20. 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 $225.00 and then at $227.20. First support is seen at yesterday’s low of $219.50 and then at $216.00.
Wyckoff’s Market Rating: 1.5
