by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
March sugar closed down 6 points at 12.18 cents today. Prices closed near the session low in more volatile trading that has been frustrating to both the bulls and the bears recently. The bulls still have the technical advantage as 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 the January high of 13.09 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 12.44 cents and then at today’s high of 12.73 cents. First support is seen at today’s low of 12.09 cents and then at 12.00 cents.
Wyckoff’s Market Rating: 7.0
MARCH COFFEE
March coffee closed down 95 points at 133.25 cents today. Prices closed near the session low in quieter trading. Bulls and bears are presently on a level near-term technical playing field. Bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of 135.30 cents. The next downside price objective for the bears is closing prices below solid support at the January low of 129.70 cents a pound. First support is seen at 132.50 cents and then at 131.50 cents. First resistance is seen at 134.00 cents and then at 135.00 cents.
Wyckoff’s Market Rating: 5.0
MARCH COCOA
March cocoa closed up $18 at $2,231 today. Prices closed near the session high today and closed at a fresh contract high close. Bulls have solid upside near-term technical momentum and gained more power today. 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 solid technical resistance at today’s high and the contract high of $2,237. The next downside price objective for the bears is closing prices below solid support at $2,150. First resistance is seen at today’s high of $2,237 and then at $2,250. First support is seen at $2,200 and then at this week’s low of $2,186.
Wyckoff’s Market Rating: 8.5
MARCH COTTON
March cotton closed down 20 points at 68.10 cents today. Prices closed nearer the session low. A bearish pennant or flag pattern may be forming on the daily bar chart, but a solid up day on Wednesday would negate that possibility. 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 66.66 cents. First resistance is seen at today’s high of 68.89 cents and then at 69.00 cents. First support is seen at today’s low of 67.85 cents and then at 67.50 cents.
Wyckoff’s Market Rating: 6.0
MARCH ORANGE JUICE
March orange juice closed up 330 points at $1.4145 today. Prices closed nearer the session high and hit a fresh three-week high today. Today’s price action produced a bullish upside “breakout” from a recent trading range and the bulls do have fresh upside technical momentum on their side. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at $1.4600. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.3600. First resistance is seen at today’s high of $1.4290 and then at $1.4400. First support is seen at $1.4000 and then at today’s low of $1.3875.
Wyckoff’s Market Rating: 7.0
MARCH LUMBER
March lumber futures closed down $3.40 at $216.80 today. Prices closed near the session low, scored a bearish “outside day” down on the daily bar chart and hit another fresh contract low. The bears still have the solid overall near-term technical advantage, amid U.S. economic recession fears. More bearish U.S. housing news hit the lumber market today. The next upside technical objective for the lumber bulls is pushing prices above resistance at today’s high of $226.00. The next downside price objective for the bears is pushing and closing prices below solid support at $210.00. First resistance is seen at $220.00 and then at $222.50. First support is seen at the contract low of $216.60 and then at $215.00.
Wyckoff’s Market Rating: 1.0
