by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed solidly lower and nearer the session low. Bearish “outside markets”–lower crude oil pricesand a stronger U.S. dollar–pressured beans Friday. The bulls are fading again, technically, with Friday’s sharp losses. Prices are still in a six-week-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $12.50 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the August low of $11.68. First resistance for November soybeans is seen at $12.40 and then at $12.50. First support is seen at Friday’s low of $12.04 1/4 and then at $12.00.
16.36 3/4 — the contract high
12.39 1/4 — 10-day moving average
13.15 1/2 — 20-day moving average
14.32 1/2 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed sharply lower and nearer the session low. Bulls are fading again. Prices are still in a five-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $357.80. The next downside price objective for the bears is pushing and closing prices below solid technical support at the August low of $311.20. First resistance comes in at $340.00 and then at $346.00. First support is seen at Friday’s low of $327.50 and then at $325.00.
$431.90 — the contract high
$334.30 — 10-day moving average
$350.40 — 20-day moving average
$378.50 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil pricesFriday closed sharply lower, near the session low, at a bearish weekly low close and also hit a fresh 4.5-month low. Prices are still in a steep six-week-old downtrend on the daily bar chart. 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 54.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 50.00 cents. First resistance is seen at 51.00 cents and then at 52.00 cents. First support is seen at Friday’s low of 50.41 cents and then at 50.00 cents.
74.00 — the contract high
52.60 — 10-day moving average
56.29 — 20-day moving average
61.23 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed solidly lower and near the session low as the bulls wilted. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–did pressure corn on Friday. A seven-week-old downtrend line remains in place on the daily bar chart. The bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of $5.79. The next downside price objective for the bears is to push and close prices below solid technical support at $5.25. First resistance for December corn is seen at $5.62 3/4 and then at last week’s high of $5.79. First support is seen at Friday’s low of $5.47 1/4 and then at $5.42.
7.99 1/4 — the contract high
5.41 3/4 — 10-day moving average
5.71 1/2 — 20-day moving average
6.49 3/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed solidly lower and near the session low as the bulls faded from last week’s rally. Early-week price action will be extra important in the wheat market, as the early-week price direction could well be the direction of the dominant trend of the market for the next few weeks. The next downside price objective for the bears is pushing and closing prices below solid technical support at $8.00. Bulls’ next upside price objective is to push and close December futures prices above psychological resistance at $9.00 a bushel. First resistance is seen at $8.75 and then at Friday’s high of $8.88 1/2. First support lies at Friday’s low of $8.40 1/2 and then at $8.25.
12.84 1/4 — the contract high
8.26 1/2 — 10-day moving average
8.21 1/2 — 20-day moving average
8.51 1/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed solidly lower and near the session low. Bulls faded, technically on Friday. 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 solid technical support at $8.50. First resistance is seen at $9.00 and then at Friday’s high of $9.14. First support is seen at Friday’s low of $8.81 and then at $8.75.
12.99 ——– the contract high
8.58 1/4 — 10-day moving average
8.52 ——– 20-day moving average
8.81 1/4 — 40-day moving average
4.88 ——– the contract low
