by Jim Wyckoff, Senior Analsyt TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed higher and near the session high. Bulls still have the near-term technical advantage. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at last week’s high of $14.15 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at Friday’s (last week’s) low of $13.32. First resistance for July soybeans is seen at Friday’s high of $13.80 and then at $14.00. First support is seen at $13.60 and then at $13.50.
15.96 ——– the contract high
13.48 1/2 — 10-day moving average
13.17 1/2 — 20-day moving average
13.75 1/2 — 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed higher, near the session high and scored a bullish “outside day” up on the daily bar chart. Bulls have the near-term technical advantage amid recent choppy trading conditions. The next upside price objective for the bulls is to produce a close above solid technical resistance at the April high of $360.70. The next downside price objective for the bears is pushing and closing prices below solid support at Friday’s (last week’s) low of $340.00. First resistance comes in at Friday’s high of $352.00 and then at $355.00. First support is seen at $350.00 and then at $345.00.
$394.00 — the contract high
$347.50 — 10-day moving average
$344.30 — 20-day moving average
$352.90 — 40-day moving average
$204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed higher and near the session high. No serious chart damage occurred late last week, but bulls have faded a bit. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 63.75 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 60.00 cents. First resistance is seen at Friday’s high of 62.05 cents and then at 62.50 cents. First support is seen at 61.00 cents and then at 60.45 cents.
71.32 — the contract high
60.48 — 10-day moving average
58.35 — 20-day moving average
61.22 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower but nearer the session high. Bulls still have the near-term technical advantage amid no strong technical clues that a market top is imminent. The corn bulls’ next upside price objective is to push and close prices above resistance at the contract high of $6.28 1/4. The next downside price objective for the bears is to push and close prices below solid support at $5.96 3/4. First resistance for July corn is seen at Friday’s high of $6.16 1/2 and then at last week’s high of $6.22 1/2. First support is seen at $6.10 and then at $6.07.
6.28 1/4 — the contract high
6.10 1/4 — 10-day moving average
5.95 3/4 — 20-day moving average
5.79 3/4 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed sharply lower, nearer the session low, at a bearish weekly low close, hit a fresh 11-week low and saw a bearish downside “breakout” from a sideways trading range on the daily bar chart. The bears have gained fresh downside technical momentum. Prices are still in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close July futures prices above solid technical resistance at last week’s high of $9.60 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $8.50 a bushel. First resistance is seen at $9.00 and then at Friday’s high of $9.16.First support lies at Friday’s low of $8.75 and then at $8.50.
12.72 3/4 — the contract high
9.24 3/4 — 10-day moving average
9.56 1/4 — 20-day moving average
10.22 3/4 — 40-day moving average
3.72 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed sharply lower, nearer the session low, at a bearish weekly low close, hit a fresh 11-week low and saw a bearish downside “breakout” from a sideways trading range on the daily bar chart. The bears have gained fresh downside technical momentum. Prices are still in a six-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $10.00 a bushel. The bears’ next downside objective is pushing and closing prices below major psychological support at $9.00. First resistance is seen at $9.50 and then at Friday’s high of $9.60. First support is seen at Friday’s low of $9.20 and then at $9.00.
13.00 ——– the contract high
9.72 1/2 — 10-day moving average
10.01 1/2 — 20-day moving average
10.76 1/4 — 40-day moving average
4.36 ——– the contract low
