by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed lower and nearer the session low. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $13.07. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $14.00 a bushel. First resistance for July soybeans is seen at $13.50 and then at Friday’s high of $13.72. First support is seen at Friday’s low of 13.35 and then at $13.22.
15.96 ——– the contract high
13.69 1/2 — 10-day moving average
13.28 1/4 — 20-day moving average
13.59 1/2 — 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed lower and nearer the session low. Bulls have faded, technically. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $334.00. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $362.90. First resistance comes in at $350.00 and then at Friday’s high of $352.50. First support is seen at Friday’s low of $344.20 and then at $340.00.
$394.00 — the contract high
$350.60 — 10-day moving average
$344.60 — 20-day moving average
$349.30 — 40-day moving average
$204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed lower, nearer the session low and closed at a bearish weekly low close. Bears have gained fresh downside technical momentum recently as a four-week-old downtrend is in place on the daily bar chart. Bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 59.30 cents. 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 62.35 cents. First resistance is seen at 60.00 cents and then at 60.50 cents. First support is seen at Friday’s low of 59.50 cents and then at 59.30 cents.
71.32 — the contract high
61.50 — 10-day moving average
59.16 — 20-day moving average
60.60 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed firmer but near the session low. Bulls are fading, technically. Still, no serious chart damage has yet occurred. Bulls’ next upside price objective is to push and close prices above solid technical resistance at $6.00. The next downside price objective for the bears is to push and close prices below solid support at last week’s low of $5.83, which would begin to produce near-term chart damage. First resistance for July corn is seen at $5.96 3/4 and then at $6.00. First support is seen at Friday’s low of $5.89 and then at $5.85 3/4.
6.28 1/4 — the contract high
6.05 1/2 — 10-day moving average
6.05 ——– 20-day moving average
5.84 3/4 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed lower and nearer the session low, hit another fresh 3.5-month low and closed at a bearish weekly low close. Bears have solid downside technical momentum on their side. 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 $8.75 a bushel. The next downside price objective for the bears is pushing and closing prices below major psychological support at $8.00 a bushel. First resistance is seen at Friday’s high of $8.37 and then at $8.50. First support lies at Friday’s low of $8.14 and then at $8.00.
12.72 3/4 — the contract high
8.77 ——– 10-day moving average
9.09 1/2 — 20-day moving average
9.93 1/2 — 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed lower, nearer the session low, hit a fresh 3.5-month low and closed at a bearish weekly low close. Serious near-term chart damage has been inflicted recently. A six-week-old downtrend is still in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above psychological resistance at $9.00 a bushel. The bears’ next downside objective is pushing and closing prices below psychological support at $8.00. First resistance is seen at Friday’s high of $8.74 and then at $9.00.First support is seen at Friday’s low of $8.50 and then at $8.25.
13.00 ——– the contract high
9.20 1/4 — 10-day moving average
9.55 3/4 — 20-day moving average
10.43 1/2 — 40-day moving average
4.36 ——– the contract low
