by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed solidly higher, near the session high, hit a fresh contract and all-time high and closed at a bullish weekly high close. As the major, record-setting bull market rolls on, there are still no early technical warning signals that a market top is close at hand. The next upside price objective for the bean bulls is to push and close prices above major psychological resistance at $15.00 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $14.00. First resistance for July soybeans is seen at Friday’s contract high of $14.54 and then at $14.75. First support is seen at Friday’s low of $14.33 and then at last week’s low of $14.14 1/2.
14.54 ——– the contract high
13.97 3/4 — 10-day moving average
13.60 ——– 20-day moving average
13.22 ——– 40-day moving average
6.26 ——– the contract low
CBOT JULY SOYMEAL
CBOT July soymeal prices Friday closed firmer, near the session high and at a bullish weekly high close. The bulls still have upside technical power. A bullish symmetrical triangle pattern has formed on the daily bar chart recently. The next upside price objective for the bulls is to produce a close above technical resistance at the contract high of $381.00. The next downside price objective for the bears is pushing prices below solid support at $361.50, which would fill on the downside an upside price gap on the daily bar chart. First resistance comes in at last week’s high of $376.50 and then at $381.00. First support is seen at $370.00 and then at last week’s low of $367.00.
$381.00 — the contract high
367.40 — 10-day moving average
361.50 — 20-day moving average
357.20 — 40-day moving average
204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed sharply higher, hit another fresh contract and all-time high and closed at a bullish weekly high close. The bean oil market still looks like it is in a “blow-off top” phase in which the market will likely put in a V-Top reversal at some point. Bulls still have solid upside technical momentum. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at 65.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at last week’s low of 60.95 cents. First resistance is seen at Friday’s contract high of 63.78 cents and then at 64.00 cents. First support is seen at 63.00 cents and then at Friday’s low of 62.75 cents.
63.78 — the contract high
59.69 — 10-day moving average
57.50 — 20-day moving average
54.99 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed weaker and near mid-range. Corn bulls still have solid upside near-term technical momentum, amid no strong technical clues of a market top being close at hand. The corn bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $5.51 1/4. The next downside price objective for the bears is to push prices below solid support at $5.21 1/2, which would fill on the downside an upside price gap on the daily bar chart. First resistance for July corn is seen at last week’s high of $5.50 and then at $5.51 1/4. First support is seen at Friday’s low of $5.44 and then at last week’s low of $5.37 1/2.
5.51 1/4 — the contract high
5.36 ——– 10-day moving average
5.30 1/4 — 20-day moving average
5.15 ——– 40-day moving average
2.65 ——– the contract low
CBOT JULY WHEAT
CBOT July wheat prices Friday closed higher, near the session high, at a fresh contract high close and closed at a bullish weekly high close. Chicago wheat bulls’ next upside price objective is to push and close July futures prices above resistance at the contract high of $10.00 a bushel. The next downside price objective for the bears is pushing prices below solid support at last week’s low of $9.44 a bushel. First resistance is seen at Friday’s high of $9.87 and then at $10.00. First support lies at $9.70 and then at $9.58.
10.00 ——- the contract high
9.55 ——– 10-day moving average
9.29 1/4 — 20-day moving average
8.75 3/4 — 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed solidly higher, near the session high and at a bullish weekly high close. The bulls have regained solid upside technical momentum and their next upside price objective is pushing and closing prices above psychological resistance at $11.00 a bushel. The bears’ next downside objective is pushing and closing prices below psychological support at $10.00. First resistance is seen at Friday’s high of $10.67 and then at $10.90 1/2. First support is seen at $10.50 and then at $10.30.
11.35 ——- the contract high
10.34 3/4 — 10-day moving average
10.08 3/4 — 20-day moving average
9.39 1/2 — 40-day moving average
4.36 ——– the contract low
