by Jim Wyckoff, Senior Analyst TraderPlanet.com

JANUARY SOYBEAN

January soybean prices Friday closed sharply higher, near the session high, at a bullish weekly high close and set a fresh contract and 30-plus year high. Bean bulls still have the solid near term technical advantage, amid still no solid technical clues that a market top is close at hand, and gained more power on Friday. The next upside price objective for the bulls is to push and close prices above solid resistance at $11.50 a bushel. The next downside price objective for the bears is closing prices below strong support at $11.00. First resistance for January soybeans is seen at the contract high of $11.21 and then at $11.25. First support is seen at $11.09 1/2 and then at Friday’s low of $11.00.

11.21 ——– the contract high
10.95 3/4 — 10-day moving average
10.84 3/4 — 20-day moving average
10.48 1/2 — 40-day moving average
6.02 ——– the contract low

MARCH SOYMEAL

JCBOT March soymeal prices Friday again hit a fresh contract high and closed near the session high. Bulls still have the solid technical advantage and gained more power on Friday. The next upside price objective for the bulls is to produce a close above solid technical resistance at $325.00. The next downside price objective for the bears is closing prices below solid support at $305.00. First resistance comes in at Friday’s contract high of $318.50 and then at $320.00. First support is seen at $315.00 and then at $312.50.

318.50 — the contract high
303.40 — 10-day moving average
299.10 — 20-day moving average
291.20 — 40-day moving average
191.50 — the contract low

MARCH SOYBEAN OIL

March bean oil prices Friday closed firmer and near the session high. Bulls are fading a bit amid the recent decline in crude oil prices. The bean oil bulls do still have the solid near-term technical advantage, amid still no strong signs of a market top being close at hand. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at 47.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 45.00 cents. First resistance is seen at last week’s high of 46.80 cents and then at 47.00 cents. First support is seen at last week’s low of 45.85 cents and then at 45.50 cents.

47.82 — the contract high
46.82 — 10-day moving average
46.43 — 20-day moving average
44.44 — 40-day moving average
30.85 — the contract low

MARCH CORN

Chicago Board of Trade March corn prices Friday closed higher, near the session high, at a bullish weekly high close and closed at a fresh 5.5-month high close. Corn bulls have the solid near-term technical advantage and gained more power Friday, amid no signs of a market top being close at hand. The corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.23 a bushel. The next downside price objective for the bears is to push prices below solid support at $4.00. First resistance for March corn is seen at Friday’s high of $4.17 3/4 and then at $4.20. First support is seen at Friday’s low of $4.11 1/2 and then at $4.09.

4.39 ——– the contract high
4.06 3/4 — 10-day moving average
4.02 1/4 — 20-day moving average
3.94 1/4 — 40-day moving average
2.76 ——– the contract low

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MARCH CBOT WHEAT

CBOT March wheat prices Friday closed up the limit of 30 cents and hit a fresh two-month high. Bulls still have the solid technical advantage and gained more power on Friday. Bulls’ next upside price objective is to push and close prices above solid technical resistance at the contract high of $9.66 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $9.00 a bushel. First resistance is seen at $9.25 and then at $9.30. First support lies at $9.11 1/2 and then at $9.00.

9.66 1/2 — the contract high
8.81 ——– 10-day moving average
8.36 ——– 20-day moving average
8.35 1/2 — 40-day moving average
4.58 ——– the contract low

MARCH KCBT WHEAT

March Kansas City wheat prices Friday closed up the limit of 30 cents, hit a fresh two-month high and matched the contract high of $9.50. Bulls still have the solid near-term technical advantage at present, and gained more power Friday. Their next upside price objective is pushing and closing prices above major psychological resistance at $10.00 a bushel. The bears’ next downside objective is closing prices below psychological support at $9.00. First resistance is seen at $9.75 and then at $10.00. First support is seen at $9.39 and then at $9.28.

9.50 ——– the contract high
9.02 ——– 10-day moving average
8.53 3/4 — 20-day moving average
8.48 3/4 — 40-day moving average
4.72 ——– the contract low