by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
March sugar closed up 1 point at 10.18 cents yesterday. Prices closed nearer the session low but did poke to a fresh 11-week high yesterday. The bulls still have some upside technical momentum. Bulls’ next upside price objective is to push and close prices above solid resistance at yesterday’s high of 10.33 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 9.90 cents. First resistance is seen at 10.25 cents and then at 10.33 cents. First support is seen at yesterday’s low of 10.13 cents and then at 10.00 cents.
Wyckoff’s Market Rating: 5.5.
DECEMBER COFFEE
December coffee closed up 100 points at 124.55 cents yesterday. Prices closed near the session high on short covering. Serious near-term chart damage has been inflicted in coffee recently to suggest that a near-term market top is in place. Bulls’ next upside price objective is closing prices above solid technical resistance at 128.00 cents. The next downside price objective for the bears is closing prices below solid support at this week’s low of 121.90 cents a pound. First support is seen at 123.00 cents and then at 121.90 cents. First resistance is seen at 125.00 cents and then at 126.00 cents.
Wyckoff’s Market Rating: 4.0.
DECEMBER COCOA
December cocoa closed up $18 at $1,859 yesterday. Prices closed near the session high yesterday. The bulls would regain some fresh upside technical momentum by producing a close above resistance at last week’s high of $1,899. The next downside price objective for the bears is closing prices below solid support at this month’s low of $1,810. First resistance is seen at yesterday’s high of $1,865 and then at $1,880. First support is seen at this week’s low of $1,835 and then at $1,825.
Wyckoff’s Market Rating: 5.0.
DECEMBER COTTON
December cotton closed up 43 points at 65.30 cents yesterday. Prices closed nearer the session high and hit a fresh three-week high. Bulls still have the near-term technical advantage and their next upside price objective is producing a close above solid resistance at 66.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at 64.00 cents. First resistance is seen at yesterday’s high of 65.64 cents and then at 66.00 cents. First support is seen at yesterday’s low of 64.58 cents and then at this week’s low of 64.10.
Wyckoff’s Market Rating: 6.5.
Source: VantagePoint Intermarket Analysis Software
NOVEMBER ORANGE JUICE
November orange juice closed down 370 points at $1.4805 yesterday. Prices closed near the session low on profit-taking pressure and on a lack of fresh bullish fundamental news. No serious chart damage has occurred recently but solid follow-through selling on Wednesday could start to produce significant near-term chart damage. The bulls still have the near-term technical advantage. The next upside technical objective for the bulls is to produce a close above solid chart resistance at last week’s high of $1.6080. The next downside price objective for the OJ bears is pushing and closing prices below solid support at last week’s low of $1.4250. First resistance is seen at $1.5000 and then at yesterday’s high of $1.5175. First support is seen at this week’s low of $1.4770 and then at $1.4500.
Wyckoff’s Market Rating: 6.0.
Wyckoff’s Market Rating: 6.0.
NOVEMBER LUMBER
November lumber futures closed down $0.70 at $225.10 yesterday. Prices closed near the session low closed at a fresh contract low close yesterday. Bears still have the solid near- term technical advantage, amid the weak U.S. housing sector and increasing talk of U.S. recession. The next upside technical objective for the lumber bulls is pushing prices above strong resistance at $233.70, which is the top of last 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 $220.00. First resistance is seen at yesterday’s high of $228.30 and then at $232.00. First support is seen at the contract low of $223.50 and then at $220.00.
Wyckoff’s Market Rating: 1.0.
