by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed sharply lower, near the session low, hit a fresh 13-week low and closed at a bearish weekly low close. Serious near-term chart damage has occurred recently. Prices are in a steep five-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $12.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the May low of $11.64 3/4. First resistance for November soybeans is seen at $12.00 and then at $12.25. First support is seen at Friday’s low of $11.73 1/2 and then at $11.68.
16.36 3/4 — the contract high
13.16 3/4 — 10-day moving average
13.84 1/2 — 20-day moving average
14.69 3/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed sharply lower, near the session low, hit a fresh three-month low and closed at a bearish weekly low close. Serious near-term chart damage has occurred recently. Prices are in a steep four-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. The next upside price objective for the bulls is to produce a close above solid technical resistance at $340.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $300.00. First resistance comes in at $320.00 and then at $325.00. First support is seen at Friday’s low of $313.20 and then at $311.20.
$431.90 — the contract high
$351.00 — 10-day moving average
$365.80 — 20-day moving average
$385.40 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil pricesFriday closed sharply lower, near the session low, hit a fresh 17-week low and closed at a bearish weekly low close. Serious near-term chart damage has occurred recently. Prices are in a steep five-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 54.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at the April low of 50.16 cents. First resistance is seen at 52.00 cents and then at 52.50 cents. First support is seen at Friday’s low of 50.94 cents and then at 50.16 cents.
74.00 — the contract high
56.32 — 10-day moving average
59.50 — 20-day moving average
63.15 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed sharply lower, near the session low, hit a fresh 4.5-month low and closed at a bearish weekly low close. Serious chart damage has occurred recently to suggest a major market top is in place. Bears still have solid downside near-term technical momentum on their side. The bulls’ next upside price objective is to push and close prices above solid technical resistance at $5.50. The next downside price objective for the bears is to push and close prices below major psychological support at $5.00. First resistance for December corn is seen at $5.25 and then at $5.30. First support is seen at the March low of $5.13 1/4 and then at $5.00.
7.99 1/4 — the contract high
5.71 3/4 — 10-day moving average
6.00 1/4 — 20-day moving average
6.77 3/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed sharply lower and near the session low. The bears still have the overall near-term technical advantage in wheat. A six-week-old downtrend is in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $7.71. Bulls’ next upside price objective is to push and close December futures prices above psychological resistance at $8.00 a bushel. First resistance is seen at $8.00 and then at $8.13. First support lies at Friday’s low of $7.87 1/4 and then at $7.75.
12.84 1/4 — the contract high
8.09 1/2 — 10-day moving average
8.18 3/4 — 20-day moving average
8.61 1/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed lower and near the session high low. Bears still have the near-term technical advantage. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $8.40 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $8.09 1/2. First resistance is seen at $8.31 1/2 and then at $8.40. First support is seen at Friday’s low of $8.20 and then at $8.09 1/2.
12.99 ——– the contract high
8.39 3/4 — 10-day moving average
8.48 1/2 — 20-day moving average
8.91 1/2 — 40-day moving average
4.88 ——– the contract low
