SOFTS: July sugar closed up 29 points at 17.62 cents yesterday. Prices closed near the session high yesterday on short covering in a bear market after prices hit a fresh 2.5-year low early on. The sugar bears still have the solid overall near-term technical advantage. There are still 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 the April high of 17.97 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 17.74 cents and then at 17.83 cents. First support is seen at 17.50 cents and then at 17.33 cents. Wyckoff’s Market Rating: 1.5.
July coffee closed up 335 points at 138.05 cents yesterday. Prices closed near mid-range and saw more 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 the April high of 144.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of 132.70 cents a pound. First resistance is seen at 140.00 cents and then at 142.00 cents. First support is seen at 137.00 cents and then at yesterday’s low of 135.00 cents. Wyckoff’s Market Rating: 2.5.
July cocoa closed down $9 at $2,406 a ton yesterday. Prices closed nearer the session high low yesterday on profit taking after hitting another fresh 4.5-month high early on. The cocoa bulls still have the near-term technical advantage. A two-month-old uptrend is in place on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,467. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $2,320. First resistance is seen at yesterday’s high of $2,427 and then at $2,450. First support is seen at $2,400 and then at $2,375. Wyckoff’s Market Rating: 7.0
July cotton closed up 181 points at 85.68 cents yesterday. Prices closed near mid-range yesterday. Trading has turned very choppy. Bulls and bears are now back on a level near-term technical playing field. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at this week’s high of 87.62 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the April low of 82.84 cents. First resistance is seen at 86.00 cents and then at yesterday’s high of 86.98 cents. First support is seen at 85.00 cents and then at 84.00 cents. Wyckoff’s Market Rating: 5.0.
July orange juice closed up 425 points at $1.4325 yesterday. Prices closed nearer the session high yesterday. The FCOJ bulls have the overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at this week’s high of $1.4750. 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 $1.3590. First resistance is seen at yesterday’s high of $1.4395 and then at $1.4500. First support is seen at $1.4200 and then at $1.4000. Wyckoff’s Market Rating: 6.5.
July lumber futures closed down $0.40 at $342.30 yesterday. Prices closed at a fresh three-month low close yesterday. Bears have the solid near-term technical advantage. A six-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 January low of $339.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $355.00. First resistance is seen at $345.00 and then at yesterday’s high of $349.00. First support is seen at this week’s low of $340.50 and then at $339.00. Wyckoff’s Market Rating: 2.0
