by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
March sugar closed up 17 points at 10.12 cents today. Prices closed nearer the session high today and closed at a fresh three-week high close. The bulls have regained some fresh upside technical momentum this week, amid the rallies in gold and crude oil futures markets this week. A three-week-old downtrend on the daily bar chart was negated today. Bulls’ next upside price objective is to push and close prices above solid resistance at the September high of 10.31 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 9.80 cents. First resistance is seen at today’s high of 10.18 cents and then at 10.31 cents. First support is seen at 10.00 cents and then at today’s low of 9.95 cents.
Wyckoff’s Market Rating: 5.0.
DECEMBER COFFEE
December coffee closed down 135 points at 128.70 cents today. Prices closed nearer the session low and hit a fresh three-week low today after beneficial rains have fallen in Brazilian coffee-growing regions in recent days. Some near- term chart damage has been inflicted this week. Solid follow-through selling pressure on Wednesday would produce more serious near-term chart damage to suggest that a near- term market top is in place. Bulls’ next upside price objective is closing prices above solid technical resistance at 134.00 cents. The next downside price objective for the bears is closing prices below solid support at 126.00 cents a pound. First support is seen at today’s low of 127.50 cents and then at 126.00 cents. First resistance is seen at today’s high of 131.00 cents and then at 132.00 cents.
Wyckoff’s Market Rating: 5.5.
DECEMBER COCOA
December cocoa closed up $11 at $1,870 today. Prices closed near mid-range today on more short covering in a bear market. Bears still have the slight near-term technical advantage but the bulls would regain some upside technical momentum by producing a close above solid technical resistance at $1,900. The next downside price objective for the bears is closing prices below solid support at last week’s low of $1,810. First resistance is seen at today’s high of $1,883 and then at $1,900. First support is seen at today’s low of $1,848 and then at this week’s low of $1,829.
Wyckoff’s Market Rating: 4.5.
Source: VantagePoint Intermarket Analysis Software
DECEMBER COTTON
December cotton closed up 23 points at 63.55 cents today. Prices closed near the session high today in quieter trading. Prices are in a two-week-old sideways trading range on the daily bar chart. Bulls’ next upside objective is producing a close above solid resistance at last week’s high of 64.60 cents. The next downside price objective for the bears is to produce a close below strong technical support at this month’s low of 62.15 cents. First resistance is seen at 64.00 cents and then at this week’s high of 64.48 cents and then at 64.60 cents. First support is seen 63.00 cents and then at today’s low of 62.62.
Wyckoff’s Market Rating: 6.0.
NOVEMBER ORANGE JUICE
November orange juice closed up 205 points at $1.5285 today. Prices closed nearer the session low but did score a fresh 4.5-month high on fresh spec buying. The bulls still have the near-term technical advantage, but today’s low- range close does suggest the market is short-term overbought, technically, and due for a corrective pullback very soon. The next upside technical objective for the bulls is to produce a close above solid chart resistance at today’s high of $1.6080. The next downside price objective for the OJ bears is pushing and closing prices below solid support at this week’s low of $1.4250. First resistance is seen at $1.5500 and then at $1.5750. First support is seen at today’s low of $1.5000 and then at $1.4700.
Wyckoff’s Market Rating: 8.0.
NOVEMBER LUMBER
November lumber futures closed down $2.70 at $233.90 today. Prices hit a fresh contract low again today. 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 $240.00. The next downside price objective for the bears is pushing and closing prices below solid support at $230.00. First resistance is seen at today’s high of $238.20 and then at $240.00. First support is seen at today’s contract low of $233.70 and then at $230.00.
Wyckoff’s Market Rating: 1.0.
