by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER SUGAR
Wyckoff’s Market Rating: 6.0.
SEPTEMBER COFFEE
September coffee closed up 340 points at 115.75 cents in wild trading today. Prices closed nearer the session high and scored a big and bullish “outside day” up on the daily bar chart today. Prices also hit a fresh five-week high today. Fund buying and short covering was featured today. Bulls today quickly regained fresh upside technical momentum. Bulls’ next upside price objective is closing prices above solid resistance at 117.00 cents. The next downside price objective for the bears is closing prices below solid support at 111.00 cents a pound. First support is seen at 114.50 cents and then at 113.00 cents. First resistance is seen at today’s high of 116.20 cents and then at 117.00 cents.
Wyckoff’s Market Rating: 5.5.
Source: VantagePoint Intermarket Analysis Software
SEPTEMBER COCOA
September cocoa closed up $31 at $2,098 today. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. Bulls still have the solid technical advantage, and a bullish symmetrical triangle pattern has formed on the daily bar chart. The next upside price objective for the bulls is pushing prices above solid chart resistance at the contract high of $2,141. The next downside price objective for the bears is closing prices below solid support at the July low of $2,014. First resistance is seen at today’s high of $2,114 and then at $2,120. First support is seen at $2,080 and then at $2,060.
Wyckoff’s Market Rating: 8.0.
DECEMBER COTTON
December cotton closed up 120 points at 64.00 cents today. Prices closed near the session high on some short covering and bargain-hunting buying. The bulls had faded recently and a market top still could be in place. A close below strong technical support at last week’s low of 61.84 cents would produce serious near-term chart damage to begin to suggest that a market top is now in place. Bulls still have the overall technical advantage. Bulls’ next upside objective is producing a close above solid resistance at 65.00 cents. The next downside price objective for the bears is pushing and closing prices below strong technical support at 61.84 cents. First resistance is seen at today’s 64.12 cents and then at 64.50 cents. First support is seen at 63.50 cents and then at 63.00.
Wyckoff’s Market Rating: 7.0.
SEPTEMBER ORANGE JUICE
September orange juice closed up 205 points at $1.3530 today. Prices closed nearer the session high on short covering and speculative buying. For the bulls to regain fresh upside technical momentum, they would have to produce a close above solid technical resistance at last week’s high of $1.3850. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.3000. First resistance is seen at today’s high of $1.3625 and then at $1.3850. First support is seen at today’s low of $1.3260 and then at $1.3000.
Wyckoff’s Market Rating: 4.5.
SEPTEMBER LUMBER
September lumber futures closed down $3.20 at $290.30 today. Prices closed nearer the session low and hit a fresh six-week low today. Bulls have faded. A triple top reversal pattern has formed on the daily bar chart and that’s an early bearish clue of a market top being in place. The next upside technical objective for the lumber bulls is closing prices above strong resistance at $299.20, which would fill on the upside this month’s downside price gap. The next downside price objective for the bears is pushing and closing prices below solid support at the June low of $283.30. First resistance is seen at today’s high of $293.00 and then at $299.20. First support is seen at today’s low of $288.80 and then at $283.30.
Wyckoff’s Market Rating: 5.0.
