by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
March sugar closed steady at 11.47 cents today. Prices closed near mid-range. Lower “outside markets” crude oil and gold limited the upside in sugar today. Sugar bulls do still have the near-term technical advantage. However, last week’s high of 11.78 cents is still strong overhead technical resistance for the bulls to overcome. A six-week- old uptrend line is in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 11.78 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 11.10 cents. First resistance is seen at today’s high of 11.56 cents and then at 11.60 cents. First support is seen at this week’s low of 11.32 cents and then at last week’s low of 11.27 cents.
Wyckoff’s Market Rating: 7.5.
MARCH COFFEE
March coffee closed down 90 points at 136.65 cents today. Prices closed nearer the session low after hitting a fresh three-month high early on. Profit taking from recent gains was featured today and the upside was limited by lower “outside markets” crude oil and gold. The coffee bulls still have some upside technical momentum. A 2.5-month-old uptrend is still in place on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at 140.00 cents. The next downside price objective for the bears is closing prices below solid support at 133.00 cents a pound. First support is seen at today’s low of 135.70 cents and then at 135.00 cents. First resistance is seen at 138.00 cents and then at today’s high of 139.40 cents.
Wyckoff’s Market Rating: 7.0.
MARCH COCOA
March cocoa closed down $18 at $2,184 today. Prices closed nearer the session low today on profit taking from recent gains and on lower “outside markets.” Cocoa bulls still have upside technical momentum. The next upside price objective for the bulls is to push and close prices above solid technical resistance at Monday’s contract high of $2,237. The next downside price objective for the bears is closing prices below solid support at $2,140. First resistance is seen at $2,200 and then at today’s high of $2,223. First support is seen at today’s low of $2,173 and then at this week’s low of $2,163.
Wyckoff’s Market Rating: 8.0.
MARCH COTTON
March cotton closed up 75 points at 71.95 cents today. Prices closed nearer the session high and closed at a fresh contract high close. Bulls have solid upside technical momentum and showed power today despite weaker “outside markets” gold and crude oil. Bulls’ next upside price objective is producing a close above solid technical resistance at Monday’s contract high of 72.96 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 72.38 cents and then at 72.96 cents. First support is seen at today’s low of 71.01 cents and then at 70.50 cents.
Wyckoff’s Market Rating: 8.5.
MARCH ORANGE JUICE
March orange juice closed up 430 points at $1.3830 today. Prices closed nearer the session high on short covering and bargain-hunting buying following recent losses. The next upside technical objective for the bulls is to produce a close above solid chart resistance at $1.4200. The next downside price objective for the OJ bears is pushing and closing prices below solid support at last week’s low of $1.3120. First resistance is seen at today’s high of $1.3900 and then at $1.4000. First support is seen at $1.3700 and then at $1.3600.
Wyckoff’s Market Rating: 5.0.
MARCH LUMBER
March lumber futures closed down $4.10 at $233.20 today. Prices closed near the session low and hit a fresh contract low today. The bears still have the solid overall near-term technical advantage and gained more power today. The next upside technical objective for the lumber bulls is pushing prices above resistance at $240.00. The next downside price objective for the bears is pushing and closing prices below solid support at $230.00. First resistance is seen at $235.00 and then at today’s high of $237.20. First support is seen at today’s contract low of $231.60 and then at $230.00.
Wyckoff’s Market Rating: 1.0.
