SOFTS: May sugar closed down 6 points at 17.74 cents today. Prices closed nearer the session high today. Sugar bulls still have some upside near-term technical momentum and have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 18.50 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at last week’s low of 17.03 cents. First resistance is seen at 18.00 cents and then at last week’s high of 18.13 cents. First support is seen at this week’s low of 17.41 cents and then at 17.25 cents. Wyckoff’s Market Rating: 6.0
May coffee closed down 800 points at 185.45 cents today. Prices closed nearer the session low today on heavy profit taking after hitting a 16-month high on Monday. Prices are in an accelerating four-month-old uptrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical and psychological resistance at 200.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 170.00 cents a pound. First resistance is seen at 190.00 cents and then at 195.00 cents and then at this week’s high of 197.80 cents. First support is seen at today’s low of 184.30 cents and then at 181.25 cents. Wyckoff’s Market Rating: 7.0
May cocoa closed up $29 at $2,947 a ton today. Prices closed near mid-range today. Cocoa bulls have the overall near-term technical advantage. However, a potentially bearish diamond pattern has now formed 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 the contract high of $3,002. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the February low of $2,883. First resistance is seen at today’s high of $2,972 and then at $2,980. First support is seen at today’s low of $2,921 and then at $2,900. Wyckoff’s Market Rating: 7.0
May cotton closed up 56 points at 88.90 cents today. Prices closed nearer the session high today. Cotton bulls have re-established a 3.5-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the February high of 90.44 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 85.00 cents. First resistance is seen at today’s high of 89.09 cents and then at 89.67 cents. First support is seen at 88.00 cents and then at 87.50 cents. Wyckoff’s Market Rating: 7.0
May orange juice closed up 495 points at $1.5260 today. Prices closed nearer the session high today and hit a fresh contract high. Prices also saw a big and bullish upside “breakout” from the recent sideways trading range on the daily chart. The 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 $1.6000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.4200. First resistance is seen at today’s high of $1.5500 and then at $1.5600. First support is seen at $1.5250 and then at $1.5000. Wyckoff’s Market Rating: 8.0
May lumber futures closed down $4.00 at $353.60 today. Prices closed near the session low. Prices Friday hit a 4.5-month low. Bears have the near-term technical advantage. Prices are in a nine-week-old downtrend 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 October low of $348.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the February high of $365.30. First resistance is seen at $355.00 and then at today’s high of $357.50. First support is seen at $352.50 and then at last week’s low of $349.50. Wyckoff’s Market Rating: 3.0
