by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
March sugar closed down 5 points at 9.75 cents today. Prices closed near the session low and hit another fresh five-week low today. Trading was quiet today and likely will remain so all week, due to the Thanksgiving holiday Thursday. Bears have regained downside technical momentum recently, as prices are in a four-week-old downtrend from the October high. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 10.00 cents. Bears’ next downside price objective is to push and close prices below solid technical support at the October low of 9.59 cents. First resistance is seen at today’s high of 9.84 cents and then at 9.90 cents. First support is seen at today’s low of 9.73 cents and then at 9.68 cents.
Wyckoff’s Market Rating: 4.0.
MARCH COFFEE
March coffee closed up 170 points at 127.55 cents today. Prices closed nearer the session high today on short covering and bargain-hunting buying after scoring solid losses on Monday. Prices are now in the middle of a choppy trading range between the November high of 130.10 cents and the November low of 122.25 cents. The direction in which prices “break out” of this trading range will likely be the next significant near-term trend in prices. Bulls’ next upside price objective is closing prices above solid technical resistance at 130.10 cents. The next downside price objective for the bears is closing prices below solid support at this week’s of 125.00 cents a pound. First support is seen at today’s low of 125.65 cents and then at 125.00 cents. First resistance is seen at this week’s high of 128.50 cents and then at 129.00 cents.
Wyckoff’s Market Rating: 5.5.
MARCH COCOA
March cocoa closed up $43 at $1,963 today. Prices closed nearer the session low high today and hit a fresh two-week high. Prices today saw a bullish upside “breakout” from a sideways trading range on the daily bar chart. Bulls today also regained some fresh upside technical momentum. Bulls would gain better upside technical momentum by producing a close above solid resistance at $2,000. The next downside price objective for the bears is closing prices below solid support at last week’s low of $1,898. First resistance is seen at today’s high of $1,976 and then at $2,000. First support is seen at $1,950 and then at $1,940.
Wyckoff’s Market Rating: 5.0.
MARCH COTTON
March cotton closed down 7 points at 65.55 cents today. Prices closed near mid-range and did hit another fresh nine-week low today. Serious chart damage has been inflicted recently. Cotton bears have solid downside technical momentum on their side. Bulls’ next upside price objective is producing a close above solid resistance at 67.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at 65.00 cents. First resistance is seen at 66.00 cents and then at this week’s high of 66.52 cents. First support is at today’s low of 65.24 cents and then at 65.00.
Wyckoff’s Market Rating: 4.5.
JANUARY ORANGE JUICE
January orange juice closed down 50 points at $1.3240 today in quiet trading. Prices closed near mid-range. Serious near-term chart damage has been inflicted recently. Prices are still in a steep four-week-old downtrend on the daily bar chart. The next upside technical objective for the bulls is to produce a close above solid chart resistance at last week’s high of $1.3805. The next downside price objective for the OJ bears is pushing and closing prices below solid support at last week’s low of $1.3040. First resistance is seen at today’s high of $1.3380 and then at $1.3500. First support is seen at today’s low of $1.3150 and then at $1.3040.
Wyckoff’s Market Rating: 4.0.
JANUARY LUMBER FUTURES
January lumber futures closed down $3.00 at $255.80 today. Prices closed nearer the session low. Bulls are fading quickly again. The bears still have the overall near-term technical advantage. The next upside technical objective for the lumber bulls is pushing prices above strong resistance at this week’s high of $269.10. The next downside price objective for the bears is pushing and closing prices below solid support at $250.00. First resistance is seen at $260.00 and then at $262.50. First support is seen at today’s low of $253.20 and then at $250.00.
Wyckoff’s Market Rating: 2.0.
