by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed solidly lower, near the session low, at a bearish weekly low close and closed at a fresh two-month low close. Bears have gained some fresh downside near-term technical momentum. Prices are still in a four-week-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $14.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the July low of $13.51 3/4. First resistance for November soybeans is seen at $13.80 and then at $14.00. First support is seen at Friday’s low of $13.62 3/4 and then at $13.51.
16.36 3/4 — the contract high
13.91 3/4 — 10-day moving average
14.65 3/4 — 20-day moving average
14.98 1/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed solidly lower on profit-taking pressure from recent gains. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $380.20. The next downside price objective for the bears is pushing and closing prices below solid support at the July low of $353.30. First resistance comes in at $370.00 and then at $375.00. First support is seen at Friday’s low of $365.00 and then at $362.00.
$431.90 — the contract high
$366.50 — 10-day moving average
$386.60 — 20-day moving average
$390.00 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil prices Friday closed sharply lower, at a bearish weekly low close and hit a fresh three-month low. Near-term chart damage has been inflicted recently, including more on Friday. Prices are in a steep four-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 60.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at the May low of 56.84 cents. First resistance is seen at 58.00 cents and then at 59.00 cents. First support is seen at Friday’s low of 57.49 cents and then at 57.00 cents.
74.00 — the contract high
59.97 — 10-day moving average
62.61 — 20-day moving average
64.76 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed solidly lower and nearer the session low. Prices also closed at a bearish weekly low close and closed at the lowest closing level in four months. Bears have quickly regained downside technical momentum. A five-week-old downtrend is in place on the daily bar chart. The 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 technical support at the July low of $5.62 3/4. First resistance for December corn is seen at $5.90 and then at $6.00. First support is seen at Friday’s low of $5.81 1/2 and then at $5.75.
7.99 1/4 — the contract high
6.00 3/4 — 10-day moving average
6.45 1/2 — 20-day moving average
6.99 1/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed higher and near mid-range. Bears still have the near-term technical advantage. A five-week-old downtrend is still 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 the July low of $7.98. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at last week’s high of $8.55 a bushel. First resistance is seen at $8.25 and then at Friday’s high of $8.35. First support lies at Friday’s low of $8.06 3/4 and then at $7.98.
12.84 1/4 — the contract high
8.16 1/2 — 10-day moving average
8.31 1/2 — 20-day moving average
8.69 ——- 40-day moving average
4.00 1/2 — the contract low
DECEMBER K.C. WHEAT
December Kansas City wheat prices Friday closed higher and near mid-range. Bears still have the near-term technical advantage. Prices are still in a five-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $8.72 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at the July low of $8.31 1/2. First resistance is seen at $8.50 and then at Friday’s high of $8.61. First support is seen at Friday’s low of $8.42 and then at $8.31 1/2.
12.99 ——– the contract high
8.46 ——– 10-day moving average
8.60 1/2 — 20-day moving average
8.99 1/4 — 40-day moving average
4.88 ——– the contract low
