by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SUGAR
July sugar closed up 33 points at 11.81 cents yesterday. Prices closed near the session high on short covering in a bear market and on bullish “outside markets” yesterday–higher gold and crude oil prices and a weaker U.S. dollar. Sugar prices are still in a two-month-old downtrend on the daily bar chart. Bears’ next downside price objective is to push and close prices below solid technical support at last week’s low of 11.12 cents. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 12.13 cents. First resistance is seen at yesterday’s high of 11.84 cents and then at 12.00 cents. First support is seen at 11.50 cents and then at yesterday’s low of 11.38 cents.
Wyckoff’s Market Rating: 3.5
JULY COFFEE
July coffee closed up 105 points at 133.65 cents yesterday. Prices closed near the session high yesterday on short covering. Bullish “outside markets”–higher gold and crude oil prices and a weaker U.S. dollar–did support coffee yesterday. Bulls and bears are on a level near-term technical playing field. Coffee bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of 136.40 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 131.60 cents and then at 130.00 cents. First resistance is seen at yesterday’s high of 134.20 cents and then at 135.00 cents.
Wyckoff’s Market Rating: 5.0
JULY COCOA
July cocoa closed up $139 at $2,770 yesterday. Prices closed near the session high yesterday on short covering and fresh speculator buying interest. Bullish “outside markets” yesterday–higher gold and crude oil prices and a weaker U.S. dollar–did support buying interest in cocoa yesterday. The next upside price objective for the bulls is to push and close prices above technical resistance at the April high of $2,824. The next downside price objective for the bears is closing prices below solid support at last week’s low of $2,555. First resistance is seen at yesterday’s high of $2,785 and then at $2,800. First support is seen at $2,750 and then at $2,700.
Wyckoff’s Market Rating: 7.5
JULY COTTON
July cotton closed up 105 points at 70.34 cents yesterday. Prices closed nearer the session high on short covering in a bear market. Bears still have the near-term technical advantage. Bullish “outside markets”–higher gold and crude oil prices and a weaker U.S. dollar–did help cotton bulls yesterday. A two-month-old downtrend is still in place on the daily bar chart. The next downside price objective for the bears is to produce a close below strong technical support at last week’s low of 68.52 cents. The next upside price objective for the bulls is to produce aclose above solid chart resistance at 72.43 cents. First resistance is seen at yesterday’s high of 70.98 cents and then at 72.00 cents. First support is seen at yesterday’s low of 68.92 cents and then at 68.52 cents.
Wyckoff’s Market Rating: 3.5
JULY ORANGE JUICE
July orange juice closed up 70 points at $1.2140. Prices closed nearer the session high yesterday. The general commodity market rally yesterday did help OJ bulls a bit. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at last week’s high of $1.2595. The next downside price objective for the OJ bears is pushing and closing prices below solid support at last week’s low of $1.1730. First resistance is seen at this week’s high of $1.2195 and then at $1.2345. First support is seen at $1.2000 and then at yesterday’s low of $1.1790.
Wyckoff’s Market Rating: 5.0
JULY LUMBER
July lumber futures closed up $4.00 at $246.60 yesterday. Prices closed nearer the session high yesterday on short covering in a bear market. Bears are still in technical control. The next upside technical objective for the lumber bulls is pushing prices above solid resistance at $250.00. The next downside price objective for the bears is pushing and closing prices below solid support at of $240.00. First resistance is seen at yesterday’s high of $248.10 and then at $250.00. First support is seen at $243.50 and then at yesterday’s low of $242.00.
Wyckoff’s Market Rating: 2.0
