by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SOYBEAN
March soybean prices Friday closed higher, near the session high, at the weekly high close, at a fresh contract high and at a fresh 34-year high. Bean bulls have the solid near term technical advantage, and gained more power Friday, amid still no solid technical clues that a market top is close at hand. The bulls appear poised to challenge the all-time high of $12.90 a bushel, scored in 1973. The next upside price objective for the bulls is to push and close prices above major psychological resistance at $12.00 a bushel. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $11.63. First resistance for March soybeans is seen at Friday’s contract high of $11.96 1/2 and then at $12.00. First support is seen at $11.86 1/2 and then at this week’s low of $11.75.
11.96 1/2 — the contract high
11.70 3/4 — 10-day moving average
11.42 1/4 — 20-day moving average
11.03 1/2 — 40-day moving average
6.70 ——– the contract low
MARCH SOYMEAL
CBOT March soymeal prices Friday closed higher, nearer the session high, at the weekly high close and closed at a fresh contract high close. Bulls still have the solid technical advantage and gained more power Friday amid no signs of a market top being close at hand. The next upside price objective for the bulls is to produce a close above solid technical resistance at Friday’s high and the contract high of $336.20. The next downside price objective for the bears is closing prices below solid support at $320.00. First resistance comes in at $336.20 and then at $338.00. First support is seen at Friday’s low of $332.00 and then at this week’s low of $330.00.
336.20 — the contract high
328.90 — 10-day moving average
316.10 — 20-day moving average
302.60 — 40-day moving average
191.50 — the contract low
MARCH SOYBEAN OIL
March bean oil prices Friday closed higher, near mid-range, at the weekly high close and hit a fresh contract high. The bean oil bulls still have the solid near-term technical advantage and gained fresh power on Friday. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at 48.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 46.47 cents. First resistance is seen at 48.00 cents and then at 48.25 cents. First support is seen at Friday’s low of 47.40 cents and then at 47.00 cents.
47.95 — the contract high
47.01 — 10-day moving average
46.91 — 20-day moving average
45.87 — 40-day moving average
30.85 — the contract low
MARCH CORN
Chicago Board of Trade March corn prices Friday closed higher, near mid-range, at a bullish weekly high close and set a fresh contract high. Bulls are still very powerful, technically, and gained more strength Friday. A 10-week-old uptrend is in place on the daily bar chart. The corn bulls’ next upside price objective is to push and close prices above solid technical resistance at $4.40 a bushel. The next downside price objective for the bears is to push prices below solid support at this week’s low of $4.31 1/4. First resistance for March corn is seen at Friday’s contract high of $4.48 and then at $4.50. First support is seen at Friday’s low of $4.38 1/2 and then at $4.34.
4.48 ——– the contract high
4.33 1/2 — 10-day moving average
4.20 ——– 20-day moving average
4.08 1/4 — 40-day moving average
2.76 ——– the contract low
MARCH CBOT WHEAT
CBOT March wheat prices Friday closed lower, near mid-range and closed at a bearish weekly low close. Bulls are fading and could not gain strength even when corn and soybean futures pushed to fresh contract highs. A bearish buying “exhaustion tail” on the daily bar chart occurred last week. Chicago wheat bulls’ next upside price objective is to push and close prices above strong technical resistance at the contract high of $10.09 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $9.23 a bushel. First resistance is seen at Friday’s high of $9.60 and then at $9.70. First support lies at Friday’s low of $9.41 1/2 and then at $9.30.
10.09 1/2 — the contract high
9.50 3/4 — 10-day moving average
9.15 3/4 — 20-day moving average
8.59 3/4 — 40-day moving average
4.58 ——– the contract low
MARCH KCBT WHEAT
March Kansas City wheat prices Friday closed lower, near mid-range and closed at a bearish weekly low close. Last week’s price action did produce a technically bearish “exhaustion tail” on the daily bar chart. Bulls’ next upside price objective is pushing and closing prices above psychological resistance at $10.00 a bushel. The bears’ next downside objective is closing prices below solid technical support at $9.50. First resistance is seen at Friday’s high of $9.79 and then at $9.90. First support is seen at Friday’s low of $9.62 and then at $9.50.
10.19 ——– the contract high
9.77 1/2 — 10-day moving average
9.39 3/4 — 20-day moving average
8.78 3/4 — 40-day moving average
4.72 ——– the contract low
