by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
DECEMBER COFFEE
Wyckoff’s Market Rating
: 7.5
Source: VantagePoint Intermarket Analysis Software
DECEMBER COCOA
December cocoa closed down $31 at $1,886 today. Prices closed near mid-range and hit a fresh two-week low today. Heavy fund and speculative selling have hit the cocoa market this week. Serious near-term chart damage has occurred to suggest a near-term top is in place. The next downside price objective for the bears is closing prices below solid support at today’s low of $1,852. The next upside price objective for the bulls is closing prices above solid chart resistance at $1,940. First resistance is seen at $1,900 and then at today’s high of $1,916. First support is seen at $1,875 and then at $1,865.
Wyckoff’s Market Rating: 4.0.
DECEMBER COTTON
December cotton closed up 20 points at 63.44 cents today. Prices closed nearer the session high and hit a fresh three-week low early on today. Some chart damage has been inflicted recently and more selling pressure on Thursday would produce more serious chart damage to suggest a market top is in place. Bulls’ next upside objective is producing a close above solid resistance at 65.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at 62.00 cents. First resistance is seen at today’s high of 63.77 cents and then at 64.00 cents. First support is seen at 63.00 cents and then at today’s low of 62.15.
Wyckoff’s Market Rating: 6.5.
NOVEMBER ORANGE JUICE
November orange juice closed up 235 points at $1.3485 today. Prices again closed nearer the session high and hit a fresh seven-week high again today. Reports this week of a disease in Florida orange groves have boosted the market. The bulls have fresh upside technical momentum. The next upside technical objective for the bulls is to produce a close above solid chart resistance at $1.3800. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.2800. First resistance is seen at today’s high of $1.3500 and then at $1.3600. First support is seen at $1.3250 and then at today’s low of $1.3130.
Wyckoff’s Market Rating: 7.0.
NOVEMBER LUMBER
November lumber futures closed up $2.90 at $243.40 today. Prices closed near the session high on short covering in a bear market. Bears are still in near-term technical control. My bias is still that there is not much left on the downside in lumber. The next upside technical objective for the lumber bulls is closing prices above strong resistance at this week’s high of $253.00. The next downside price objective for the bears is pushing and closing prices below solid support at the contract low of $237.10. First resistance is seen at $246.00 and then at $248.00. First support is seen at today’s low of $240.00 and then at this week’s low of $238.70.
Wyckoff’s Market Rating: 2.0.
