by Jim Wyckoff, Senior Analyst, TraderPlanet.com

MARCH SUGAR

March sugar closed up 8 points at 11.78 cents yesterday. Prices closed nearer the session low yesterday on more tepid short covering in a bear market. A bearish pennant pattern has formed on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 12.50 cents. Bears’ next downside price objective is to push and close prices below solid technical support at last week’s low of 11.20 cents. First resistance is seen at 12.00 cents and then at yesterday’s high of 12.09 cents. First support is seen at yesterday’s low of 11.64 cents and then at this week’s low of 11.45 cents.

Wyckoff’s Market Rating: 2.5

DECEMBER COFFEE

December coffee closed up 150 points at 119.15 cents yesterday.Prices closed near the session low and were supported on more short covering in a bear market. Coffee bears still have the near-term technical advantage. Prices are still in a seven-week-old downtrend on the daily bar chart. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 125.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the October low of 109.35 cents a pound. First support is seen at this week’s low of 116.05 cents and then at 114.00 cents. First resistance is seen at yesterday’s high of 121.10 cents and then at 122.50 cents.

Wyckoff’s Market Rating: 3.0

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Source: VantagePoint Intermarket Analysis Software

DECEMBER COCOA

December cocoa closed up $46 at $2,323 yesterday. Prices closed nearer the session high on more short covering in a bear market. Bears still have the near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,400. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $2,205. First resistance is seen at $2,350 and then at $2,375. First support is seen at yesterday’s low of $2,297 and then at this week’s low of $2,245.

Wyckoff’s Market Rating: 3.0


DECEMBER COTTON

December cotton closed up 10 points at 50.32 cents yesterday. Prices closed near the session low again yesterday. Serious near-term chart damage has been inflicted recently. Cotton bears still have the solid near-term technical advantage. The next downside price objective for the bears is to produce a close below strong technical support at last week’s contract low of 49.44 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 53.00 cents. First resistance is seen at 51.00 cents and then at 52.00 cents. First support is seen at this week’s low of 50.05 cents and then at 49.44 cents.

Wyckoff’s Market Rating: 2.0

NOVEMBER ORANGE JUICE

November orange juice closed up 290 points at $.8100. Prices closed near the session high yesterday on more short covering in a bear market. Bears still have the near-term technical advantage as prices are still in a 2.5-month-old downtrend on the daily bar chart. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at the contract low of $.7210. The next upside price objective for the OJ bulls is pushing prices above solid technical resistance at last week’s high of $.8585. First resistance is seen at yesterday’s high of .8180 and then at $.8400. First support is seen at $.8000 and then at yesterday’s low of $.7800.

Wyckoff’s Market Rating: 2.5

NOVEMBER LUMBER

November lumber futures closed down $0.30 at $195.00 yesterday. Prices closed nearer the session high. Lumber bears still have the near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at $200.00. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s contract low of $183.40. First resistance is seen at yesterday’s high of $197.00 and then at $200.00. First support is seen at this week’s low of $191.00 and then at $189.00.

Wyckoff’s Market Rating: 2.5.