by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER SUGAR
October sugar closed down 22 points at 12.15 cents yesterday. Prices closed nearer the session low and hit a fresh six-week low again yesterday. Sugar bears still have downside technical momentum on their side. Bulls’ next upside price objective is to push and close prices above solid technical resistance at this week’s high of 12.82 cents. Bears’ next downside price objective is to push and close prices below solid technical support at the July low of 11.73 cents. First resistance is seen at 12.25 cents and then at 12.50 cents. First support is seen at 12.00 cents and then at 11.73 cents.
Wyckoff’s Market Rating: 3.5.
DECEMBER COFFEE
December coffee closed down 305 points at 139.95 cents yesterday. Prices closed near the session low yesterday and hit a fresh three-week low. Bears have gained fresh downside near-term technical momentum. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 145.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 137.65 cents a pound. First support is seen at yesterday’s low of 139.90 cents and then at 138.00 cents. First resistance is seen at 142.00 cents and then at this week’s high of 144.40 cents.
Wyckoff’s Market Rating: 3.5
DECEMBER COCOA
December cocoa closed down $20 at $2,558 yesterday. Prices closed nearer the session low yesterday and closed at a fresh 4.5-month low close. Serious chart damage has been inflicted recently. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,750. The next downside price objective for the bears is pushing and closing prices below solid technical support at $2,500. First resistance is seen at yesterday’s high of $2,595 and then at $2,625. First support is seen at this week’s low of $2,533 and then at $2,500.
Wyckoff’s Market Rating: 3.0.
DECEMBER COTTON
December cotton closed down 101 points at 64.59 cents yesterday. Prices closed nearer the session low and hit another fresh 14-month low yesterday. Cotton bears have the solid near- term technical advantage and gained more power yesterday. The next downside price objective for the bears is to produce a close below strong technical support at 62.50 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at this week’s high of 66.87 cents. First resistance is seen at yesterday’s high of 65.82 cents and then at 66.87 cents. First support is seen at yesterday’s low of 63.90 cents and then at 63.00 cents.
Wyckoff’s Market Rating: 1.5.
NOVEMBER ORANGE JUICE
November orange juice closed down 595 points at $.9660. Prices again gapped lower on the daily bar chart and hit a fresh contract low yesterday. Bears are still strong and looking for more on the downside in the near term. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at yesterday’s low of $.9115. The next upside price objective for the OJ bulls is pushing prices above solid technical resistance at $1.000. First resistance is seen at $.9800 and then at $1.0000. First support is seen at $.9500 and then at $.9400.
Wyckoff’s Market Rating: 1.0.
NOVEMBER LUMBER FUTURES
November lumber futures closed down $4.40 at $230.40 yesterday. Prices closed near the session low and hit a fresh contract low yesterday. Bears still have the near-term technical advantage and gained more power yesterday. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at this week’s high of $240.10. The next downside price objective for the bears is pushing and closing prices below solid support at $225.00. First resistance is seen at $232.50 and then at yesterday’s high of $236.00. First support is seen at yesterday’s contract low of $230.20 and then at $227.50.
Wyckoff’s Market Rating: 1.0.
