by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGARS
March sugars closed up 19 points at 10.09 cents today. Prices closed near the session high today on short covering and bargain-hunting buying amid big gains in “outside markets.” A choppy uptrend is still in place from the August low. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 10.22 cents. Bears’ next downside price objective is to push and close prices below solid technical support at last week’s low of 9.83 cents. First resistance is seen at today’s high of 10.09 cents and then at 10.22 cents. First support is seen at 10.00 cents and then at today’s low of 9.89 cents.
Wyckoff’s Market Rating: 5.5.
DECEMBER COFFEE
December coffee closed up 115 points at 121.10 cents today. Prices closed nearer the session high on more short covering in a bear market. The bears still have some downside technical momentum on their side. A steep three- week-old downtrend is in place on the daily bar chart. The next downside price objective for the bears is closing prices below solid support at last week’s low of 118.00 cents a pound. Bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of 123.90 cents. First support is seen at today’s low of 119.60 cents and then at 118.00 cents. First resistance is seen at today’s high of 121.40 cents and then at 122.00 cents.
Wyckoff’s Market Rating: 4.0.
DECEMBER COCOA
December cocoa closed up $4 at $1,941 today. Prices closed near mid-range today. The bulls still have the near-term technical advantage. Bulls would gain better upside technical momentum by producing a close above major psychological resistance at $2,000. The next downside price objective for the bears is closing prices below solid support at $1,900. First resistance is seen at today’s high of $1,955 and then at this week’s high of $1,969. First support is seen at this week’s low of $1,920 and then at $1,900.
Wyckoff’s Market Rating: 6.0.
DECEMBER COTTON
December cotton closed up 123 points at 65.25 cents today. Prices closed near the session high today and hit a fresh two-week high and were boosted by higher “outside markets” gold and crude, and a weaker greenback. Bulls have the near-term technical advantage and regained momentum today. Bulls’ next upside price objective is producing a close above solid resistance at the October high of 65.65 cents. That would also push prices above the recent trading range. The next downside price objective for the bears is to produce a close below strong technical support at today’s low of 63.85 cents. First resistance is seen at today’s high of 65.30 cents and then at 65.65 cents. First support is seen at 65.00 cents and then at 64.50.
Wyckoff’s Market Rating: 6.5.
JANUARY ORANGE JUICE
January orange juice closed up 210 points at $1.3770 today. Prices closed near the session high on short covering and higher “outside markets.” The next upside technical objective for the bulls is to produce a close above solid chart resistance at $1.4300. The next downside price objective for the OJ bears is pushing and closing prices below solid support at this week’s low of $1.3500. First resistance is seen at $1.4000 and then at $1.4300. First support is seen at $1.3500 and then at $1.3250.
Wyckoff’s Market Rating: 5.5.
JANUARY LUMBER
January lumber futures closed up $2.10 at $249.00 today. Prices closed near the session high on short covering in a bar market. The bears still have the solid near-term technical advantage. The next upside technical objective for the lumber bulls is pushing prices above strong resistance at $251.70, which would fill on the upside this week’s downside price gap on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid support at the contract low of $244.90. First resistance is seen at $251.70 and then at $255.0. First support is seen at the contract low of $244.90 and then at $240.00.
Wyckoff’s Market Rating: 1.5.
