by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SOYBEAN
March soybean prices Friday gapped higher on the daily bar chart, closed sharply higher, near mid-range, at the weekly high close, set a fresh contract high and set a fresh all-time high of $13.10 1/4 a bushel. Bean bulls still have the solid near term technical advantage, with no early technical clues of a market top being close at hand. The next upside price objective for the bulls is to push and close prices above technical resistance at $13.25. The next downside price objective for the bears is pushing prices below solid technical support at $12.70 1/2, which would fill on the downside last Friday’s big upside price gap on the daily bar chart. First resistance for March soybeans is seen at Friday’s high of $13.10 1/4 and then at $13.25. First support is seen at Friday’s’ low of $12.84 and then at this week’s low of $12.70 1/4.
13.10 1/4 — the contract high
12.55 1/2 — 10-day moving average
12.23 1/4 — 20-day moving average
11.69 ——- 40-day moving average
6.70 ——– the contract low
MARCH SOYMEAL
CBOT March soymeal prices Friday gapped higher on the daily bar chart, hit a fresh contract high and closed at a bullish weekly high close. Bulls still have the solid technical advantage, amid no early clues of a market top being close at hand. The next upside price objective for the bulls is to produce a close above technical resistance at $370.00. The next downside price objective for the bears is pushing prices below solid support at $349.50, which would fill on the downside last Friday’s big upside price gap on the daily bar chart. First resistance comes in at Friday’s contract high of $361.50 and then at $365.00. First support is seen at Friday’s low of $353.50 and then at $349.50.
$361.50 — the contract high
346.50 — 10-day moving average
340.40 — 20-day moving average
322.40 — 40-day moving average
191.50 — the contract low
MARCH SOYBEAN OIL
March bean oil prices Friday gapped higher on the daily bar chart, closed sharply higher, near mid-range, at the weekly high close, set a fresh contract high and set a fresh all-time high of 53.10 cents. Bean oil bulls still have the solid near term technical advantage, with no early technical clues of a market top being close at hand. The next upside price objective for the bulls is pushing and closing prices above technical resistance at of 54.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at 51.63 cents, which would fill on the downside Friday’s upside price gap on the daily bar chart. First resistance is seen at Friday’s high of 53.10 cents and then at 53.25 cents. First support is seen at Friday’s low of 52.00 cents and then at 51.63 cents.
53.10 — the contract high
50.92 — 10-day moving average
49.30 — 20-day moving average
47.96 — 40-day moving average
30.85 — the contract low
MARCH CORN
Chicago Board of Trade March corn prices Friday opened, locked and close up the 20-cent trading limit, at $4.95. Corn bulls are still in strong technical command and gained more power Friday, amid no strong near-term technical clues that a market top is close at hand. A three-month-old uptrend is in place on the daily bar chart. The corn bulls’ next major upside price objective is to push and close prices above solid resistance at $5.00 a bushel. The next downside price objective for the bears is to push prices below solid support at $4.81 1/2. First resistance for March corn is seen at $5.00 and then at $5.05. First support is seen at $4.90 and then at $4.85.
4.95 ——– the contract high
4.69 1/2 — 10-day moving average
4.55 1/4 — 20-day moving average
4.30 3/4 — 40-day moving average
2.76 ——– the contract low
MARCH CBOT WHEAT
CBOT March wheat prices Friday closed sharply higher and near the session high. Prices also closed at a bullish weekly high close. Chicago wheat bulls’ next upside price objective is to push and close prices above strong technical resistance at $9.20 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $8.79 a bushel. First resistance is seen at $9.20 and then at $9.30. First support lies at $9.00 and then at $8.90.
10.09 1/2 — the contract high
9.05 1/2 — 10-day moving average
9.28 3/4 — 20-day moving average
8.93 1/2 — 40-day moving average
4.58 ——– the contract low
MARCH KCBT WHEAT
March Kansas City wheat prices Friday closed up the 30-cent trading limit at $9.24. Prices closed at a bullish weekly high close. Bulls’ next upside price objective is pushing and closing prices above solid resistance at $9.40 a bushel. The bears’ next downside objective is closing prices below solid support at last week’s low of $8.82. First resistance is seen at $9.35 and then at $9.45. First support is seen at Friday’s low of $9.12 and then at $9.00.
10.19 ——– the contract high
9.20 3/4 — 10-day moving average
9.48 1/4 — 20-day moving average
9.14 1/4 — 40-day moving average
4.72 ——– the contract low
