SOFTS
May sugar closed up 18 points at 17.68 cents today. Prices closed nearer the session high today and saw short covering in a bear market. Prices Wednesday hit a nearly 2.5-year low. The sugar bears still have the solid overall near-term technical advantage. There are no early technical clues of a market low being close at hand. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 18.25 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 17.00 cents. First resistance is seen at this week’s high of 17.79 cents and then at 18.01 cents. First support is seen at this week’s low of 17.47 cents and then at 17.25 cents. Wyckoff’s Market Rating: 1.5.
May coffee closed up 15 points at 139.60 cents today. Prices closed near the session high today and saw tepid short covering in a bear market. The coffee bears still have the overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at this week’s high of 141.35 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of 132.05 cents a pound. First resistance is seen at 140.00 cents and then at 141.35 cents. First support is seen at today’s low of 137.45 cents and then at this week’s low of 135.50 cents. Wyckoff’s Market Rating: 2.5.
May cocoa closed down $11 at $2,139 a ton today. Prices closed nearer the session high today on short covering after hitting a fresh two-week low early on. The cocoa bears have the overall near-term technical advantage. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,225. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $2,124. First resistance is seen at today’s high of $2,149 and then at $2,175. First support is seen at today’s low of $2,111 and then at $2,100. Wyckoff’s Market Rating: 2.5
May cotton closed down 113 points at 88.08 cents today. Prices closed nearer the session low today on profit taking. The cotton bulls still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at last week’s high of 90.27 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at last week’s low of 86.12 cents. First resistance is seen at today’s high of 89.36 cents and then at this week’s high of 89.70 cents. First support is seen at this week’s low of 87.21 cents and then at 86.12 cents. Wyckoff’s Market Rating: 6.5.
May orange juice closed up 225 points at $1.4170 today. Prices closed nearer the session high today and closed at a fresh 3.5-month high close. The FCOJ bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the December high of $1.4415. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at this week’s low of $1.3115. First resistance is seen at this week’s high of $1.4200 and then at $1.4300. First support is seen at $1.4000 and then at today’s low of $1.3715. Wyckoff’s Market Rating: 8.0.
May lumber futures closed up $2.70 at $379.00 today. Bulls have the slight overall near-term technical advantage. However, a three-week-old downtrend is in place on the daily bar chart. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the February low of $372.50. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at this week’s high of $394.40. First resistance is seen at $380.00 and then at $383.00. First support is seen at this week’s low of $375.00 and then at $372.50. Wyckoff’s Market Rating: 5.5
