by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
March sugar closed down 4 points at 9.92 cents today. Prices closed nearer the session low amid lower “outside markets” gold and crude oil again today. A choppy uptrend is still in place from the August low, but now just barely. Bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of 10.20 cents. Bears’ next downside price objective is to push and close prices below solid technical support at the November low of 9.83 cents. First resistance is seen at this week’s high of 10.03 cents and then at 10.12 cents. First support is seen at today’s low of 9.85 cents and then at 9.83 cents.
Wyckoff’s Market Rating: 5.0.
DECEMBER COFFEE
December coffee closed up 125 points at 123.00 cents today. Prices closed near mid-range and did hit a fresh three-week high today. Bulls gained some fresh upside technical momentum today as a four-week-old downtrend on the daily bar chart was negated today. The next downside price objective for the bears is closing prices below solid support at the November low of 118.00 cents a pound. Bulls’ next upside price objective is closing prices above solid technical resistance at today’s high of 124.85 cents. First support is seen at today’s low of 121.70 cents and then at 120.00 cents. First resistance is seen at 124.00 cents and then at 124.85 cents.
Wyckoff’s Market Rating: 5.0.
DECEMBER COCOA
December cocoa closed up $10 at $1,887 today. Prices closed near the session high today on short covering after recent strong losses. Some near-term chart damage was inflicted recently. The bears still have the near-term technical advantage. Bulls would regain upside technical momentum by producing a close above solid resistance at $1,940. The next downside price objective for the bears is closing prices below solid support at today’s and this week’s low of $1,870. First resistance is seen at $1,900 and then at this week’s high of $1,918. First support is seen at today’s low of $1,870 and then at $1,850.
Wyckoff’s Market Rating: 4.0.
DECEMBER COTTON
December cotton closed up 11 points at 63.23 cents today. Prices closed near mid-range today in quieter trading. Sharp losses in the “outside markets” gold and crude did not pressure cotton much today, and the cotton bulls did take solace in that fact. But the bulls have faded recently. Bulls’ next upside price objective is producing a close above solid resistance at 65.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at the October low of 62.15 cents. First resistance is seen at 64.00 cents and then at this week’s high of 64.77 cents. First support is seen at this week’s low of 63.01 cents and then at 62.15.
Wyckoff’s Market Rating: 5.0.
