by Jim Wyckoff, Senior Analyst, TraderPlanet.com
OCTOBER SUGAR
October sugar closed down 24 points at 11.82 cents today. Prices closed nearer the session low amid bearish “outside markets”–lower crude oil pricesand a stronger U.S. dollar–today. Sugar bears still have the near-term technical advantage. A four-week-old downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of 12.54 cents. Bears’ next downside price objective is to push and close prices below solid technical support at last week’s low of 11.55 cents. First resistance is seen at 12.00 cents and then at today’s high of 12.11 cents. First support is seen at today’s low of 11.76 cents and then at 11.55 cents.
Wyckoff’s Market Rating: 3.5.
DECEMBER COFFEE
December coffee closed down 170 points at 134.90 cents today. Prices closed near the session low today amid bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–today. Coffee bears still have the near-term technical advantage. Prices are in a four-week- old downtrend on the daily bar chart. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 140.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 130.00 cents a pound. First support is seen at 134.00 cents and then at 132.00 cents. First resistance is seen at 136.00 cents and then at today’s high of 137.80 cents.
Wyckoff’s Market Rating: 3.0
DECEMBER COCOA
December cocoa closed down $19 at $2,707 today. Prices closed nearer the session low today, amid bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar today. Prices are still in a 2.5-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 $2,800. The next downside price objective for the bears is pushing and closing prices below solid technical support at $2,600. First resistance is seen at this week’s high of $2,748 and then at $2,775. First support is seen at today’s low of $2,685 and then at $2,650.
Wyckoff’s Market Rating: 5.0.
DECEMBER COTTON
December cotton closed down 217 points at 62.22 cents today. Prices closed near the session low today. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–did pressure this market today. Cotton bears still have the 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 low of 59.45 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at this week’s high of 64.50 cents. First resistance is seen at 63.00 cents and then at 64.00 cents. First support is seen at today’s low of 62.00 cents and then at 61.00 cents.
Wyckoff’s Market Rating: 2.0.
NOVEMBER ORANGE JUICE
November orange juice closed down 40 points at $.9255. Prices closed near mid-range today in quiet trading. Bears are still in technical control as prices are 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 last week’s low of $.8750. The next upside price objective for the OJ bulls is pushing prices above solid technical resistance at $.9750. First resistance is seen at this week’s high of $.9375 and then at $.9500. First support is seen at today’s low of $.9155 and then at this week’s low of $.9035.
Wyckoff’s Market Rating: 2.0.
NOVEMBER LUMBER
November lumber futures closed up $2.70 at $218.70 today. Prices closed near the session high today on more short covering in a bear market. 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 $225.00. The next downside price objective for the bears is pushing and closing prices below solid support at the contract low of $211.20. First resistance is seen at today’s high of $219.00 and then at $223.10. First support is seen at today’s low of $216.30 and then at $211.20.
Wyckoff’s Market Rating: 1.5.
