March sugar closed up 31 points at 20.16 cents yesterday. Prices closed nearer the session high yesterday and saw short covering in a bear market. The weaker U.S. dollar yesterday was somewhat supportive for sugar. Sugar bears still have the solid near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the October high of 21.77 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the September low of 19.48 cents. First resistance is seen at 20.25 cents and then at 20.50 cents. First support is seen at 20.00 cents and then at this week’s low of 19.81 cents. Wyckoff’s Market Rating: 2.5.
December coffee closed up 135 points at 162.20 cents. Prices closed near mid-range yesterday and saw short covering in a bear market. A weaker U.S. dollar index yesterday also supported coffee. Coffee bears still have the solid near-term technical advantage. However, it’s around present price levels that recent downtrends have been halted. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 172.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the September low of 156.55 cents a pound. First resistance is seen at yesterday’s high of 163.45 cents and then at 165.00 cents. First support is seen at this week’s low of 159.50 cents and then at 156.55 cents. Wyckoff’s Market Rating: 2.5
December cocoa closed up $43 at $2,397 a ton. Prices closed near mid-range yesterday and saw short covering in a bear market. The weaker U.S. dollar index yesterday also supported cocoa. Cocoa prices are still in a five-week-old downtrend on the daily bar chart. Bears still have the overall near-term technical advantage. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at last week’s high of $2,453. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,300. First resistance is seen at yesterday’s high of $2,434 and then at $2,453. First support is seen at $2,375 and then at last week’s low of $2,338. Wyckoff’s Market Rating: 4.0
December cotton closed up 252 points at 74.86 cents yesterday. Prices closed nearer the session high yesterday and hit a fresh three-week high on heavy short covering and bargain hunting. A weaker U.S. dollar index helped to boost cotton yesterday. Yesterday’s price action in cotton produced a big and bullish upside “breakout” from the recent sideways trading range at lower price levels. Bulls have quickly gained upside technical momentum and have the near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the August high of 77.49 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the September low of 70.22 cents. First resistance is seen at yesterday’s high of 75.17 cents and then at 76.00 cents. First support is seen at 74.00 cents and then at 73.50 cents. Wyckoff’s Market Rating: 5.5
November orange juice closed up 10 points at $1.1240 yesterday. Prices closed near mid-range again yesterday. Bears 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 $1.1695. The
next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the August low of $1.0350. First resistance is seen at yesterday’s high of $1.1350 and then at $1.1445. First support is seen at this week’s low of $1.1055 and then at last week’s low of $1.0870. Wyckoff’s Market Rating: 3.0.
November lumber futures closed up $9.70 at $296.60 yesterday. Heavy short covering and fresh spec buying were featured yesterday as prices hit a fresh two-month high. Bulls have the solid near-term technical advantage and gained fresh upside momentum yesterday. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $283.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $300.00. First resistance is seen at $297.50 and then at $300.00. First support is seen at $292.50 and then at $290.00. Wyckoff’s Market Rating: 7.5
