by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SUGAR
July sugar closed up 5 points at 11.92 cents yesterday. Prices closed near mid-range on short covering. The market yesterday hit another fresh four-week low. Prices are still in a two-month-old downtrend on the daily bar chart. Bears have the slight near-term technical advantage and their next downside price objective is to push and close prices below solid technical support at the March low of 11.60 cents. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 12.50 cents. First resistance is seen at 12.12 cents and then at 12.25 cents. First support is seen at yesterday’s low of 11.74 cents and then at the April low of 11.71 cents.
Wyckoff’s Market Rating: 4.0
JULY COFFEE
July coffee closed up 15 points at 135.45 cents yesterday. Prices closed near mid-range in quiet trading yesterday. Coffee bulls and bears are presently on a level near-term technical playing field. Coffee bulls’ next upside price objective is closing prices above solid technical resistance at 140.00 cents. The next downside price objective for the bears is closing prices below solid support at the March low of 128.40 cents a pound. First support is seen at yesterday’s low of 134.30 cents and then at 132.75 cents. First resistance is seen at yesterday’s high of 136.40 cents and then at 138.00 cents.
Wyckoff’s Market Rating: 5.0
JULY COCOA
July cocoa closed up $16 at $2,791 yesterday. Prices closed near the session high and trading has turned choppy and sideways the past week. The bulls still have the near-term technical advantage. A four-week-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 technical resistance at this week’s high of $2,824. The next downside price objective for the bears is closing prices below solid support at last week’s low of $2,644. First resistance is seen at $2,800 and then at this week’s high of $2,824. First support is seen at this week’s low of $2,733 and then at $2,700.
Wyckoff’s Market Rating: 7.5
JULY COTTON
July cotton closed up 93 points at 71.53 cents yesterday. Prices closed nearer the session high after hitting a fresh four-month low early on yesterday. Short covering in a bear market was featured yesterday. Bears are still in technical control of cotton. The next downside price objective for the bears is to produce a close below strong technical support at yesterday’s low of 69.54 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at this week’s high of 73.25 cents. First resistance is seen at yesterday’s high of 72.00 cents and then at 72.50 cents. First support is seen at 71.00 cents and then at 70.80 cents.
Wyckoff’s Market Rating: 3.5
JULY ORANGE JUICE
July orange juice closed down 420 points at $1.2015. Prices closed nearer the session low yesterday and the bulls wilted just as fast as they gained momentum on Tuesday. Bulls and bears are back on a level near-term technical playing field. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at this week’s high of $1.2595. The next downside price objective for the OJ bears is pushing and closing prices below solid support at yesterday’s low of $1.1500. First resistance is seen at $1.2275 and then at yesterday’s high of $1.2435. First support is seen at yesterday’s low of $1.1805 and then at $1.1650.
Wyckoff’s Market Rating: 5.0
JULY LUMBER
July lumber futures closed down $8.20 at $241.00 yesterday. Prices closed nearer the session low yesterday. Bears are still in technical control and regained power yesterday. The next upside technical objective for the lumber bulls is pushing prices above solid resistance at this week’s high of $252.60. The next downside price objective for the bears is pushing and closing prices below solid support at the contract low of $233.70. First resistance is seen at $245.00 and then at $248.00. First support is seen at yesterday’s low of $239.20 and then at $236.00.
Wyckoff’s Market Rating: 1.5
