by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH CORN
March corn futures closed 1/2 cent at $5.02 today. Prices closed near the session low. Price action today did fill on the upside Wednesday’s downside price gap to negate the “island top” reversal pattern that had formed on the daily bar chart. Still, today’s low-range close following very strong weekly USDA export sales data is discouraging to the bulls, who do not want to see a bearish weekly low close on Friday. This week’s price action did confirm a bearish “key reversal” down on the daily bar chart. A three-month-old uptrend is still 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 the contract high of $5.19 a bushel. The next downside price objective for the bears is to produce a close below solid support at $5.00. First resistance for March corn is seen at $5.06 and then at $5.10. First support is seen at $5.00 and then at this week’s low of $4.96 3/4.
Wyckoff’s Market Rating: 8.0.
MARCH SOYBEANS
March soybeans closed down 6 cents at $12.71 today. Prices closed near the session low. Today’s strong early gains did negate a bearish “island top” reversal pattern on the daily bar chart. The next downside price objective for the bears is pushing prices below solid technical support at this week’s low of $12.52. First resistance for March soybeans is seen at $12.81 and then at $12.86 1/2. First support is seen at today’s low of $12.62 1/2 and then at $12.52.
Wyckoff’s Market Rating: 7.5.
MARCH SOYBEAN MEAL
March soybean meal closed down $2.60 at $344.30 today. Prices closed nearer the session low. Bulls are fading this week. The next upside price objective for the bulls is to produce a close above technical resistance at $354.50. The next downside price objective for the bears is pushing prices below solid support at today’s low of $340.50. First resistance comes in at $350.80 and then at $354.50. First support is seen at today’s low of $340.50 and then at $337.50.
Wyckoff’s Market Rating: 7.5.
MARCH SOYBEAN OIL
March bean oil closed up 18 points at 52.91 cents today. Prices closed near the session low today. The bean oil bulls still have the near-term technical advantage. However, the higher volatility at higher price levels is not bullish. And if crude oil prices continue to back off, then it’s likely bean oil will also see selling pressure. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at Monday’s contract high of 54.32 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at this week’s low of 51.86 cents. First resistance is seen at 53.50 cents and then at today’s high of 53.97 cents. First support is seen at today’s low of 52.80 cents and then at 52.50 cents.
Wyckoff’s Market Rating: 8.0.
MARCH CBOT WHEAT
March Chicago SRW wheat closed up 14 cents at $9.40 1/2 today. Prices closed nearer the session low today after trading limit up early on. Rock-solid U.S. export demand has boosted wheat recently, including more demand that showed up today. Chicago wheat bulls still have the near- term technical advantage and their next upside price objective is to push and close prices above strong technical resistance at today’s high of $9.56 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $9.20 a bushel. First resistance is seen at today’s high of $9.56 1/2 and then at $9.75. First support lies at today’s low of $9.36 and then at $9.30.
Wyckoff’s Market Rating: 8.5.
MARCH KCBT WHEAT
March K.C. HRW wheat closed up 22 1/2 cents at $9.81 1/2 today. Prices gapped higher on the daily bar chart and closed near the session high today, and at one point traded limit up. Bulls have solid technical power and 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 pushing prices below solid support at $9.64, which would fill on the downside today’s upside price gap on the daily bar chart. First resistance is seen at today’s high of $9.89 and then at $10.00. First support is seen at today’s low of $9.76 1/2 and then at $9.64.
Wyckoff’s Market Rating: 9.0.
MARCH OATS
March oats closed up 1/2 cent at $3.22 today. Prices closed nearer the session low today. Bulls are fading. This week’s price action has seen a bearish “key reversal” down on the daily chart, which is an early technical clue that a market top is in place. Bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $3.30. Bears’ next downside price objective is pushing prices below solid technical support at this week’s low of $3.09 1/2. First resistance lies at $3.25 and then at $3.28. First support is seen at today’s low of $3.18 and then at $3.15.
Wyckoff’s Market Rating: 6.5.
