by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SOYBEANS
March soybean prices Friday closed lower, near mid-range and did close at a bearish weekly low close. Tuesday’s overnight action suggests a sharply lower open. The “February Break” seasonal price downturn phenomenon appears to be at hand. Bears do have some fresh downside technical momentum on their side. The next downside price objective for the bears is pushing prices below psychological support at $12.00. First resistance for March soybeans is seen at $12.45 and then at $12.50. First support is seen at the overnight low of $12.14 and then at $12.00.
13.41 ——– the contract high
12.74 3/4 — 10-day moving average
12.50 1/2 — 20-day moving average
11.92 1/2 — 40-day moving average
6.70 ——– the contract low
MARCH SOYBEAN MEAL
CBOT March soymeal prices Friday closed lower and near mid-range, hit a fresh three-week low and closed at a bearish weekly low close. Bears have fresh downside technical momentum on their side. The next upside price objective for the bulls is to produce a close above technical resistance at $345.00. The next downside price objective for the bears is pushing and closing prices below solid support at $328.00. First resistance comes in at $330.00 and then at $332.60. First support is seen at the overnight low of $323.00 and then at $320.00.
$368.50 — the contract high
349.10 — 10-day moving average
344.80 — 20-day moving average
328.70 — 40-day moving average
191.50 — the contract low
MARCH SOYBEAN OIL
March bean oil prices Friday closed higher and near the session high. The overnight session suggests strong downside price pressure Tuesday, however. The recent 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 more selling pressure. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at the contract high of 54.32 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 51.63 cents. First resistance is seen at 52.50 cents and then at 53.00 cents. First support is seen at the overnight low of 51.25 cents and then at 51.00 cents.
54.32 — the contract high
52.20 — 10-day moving average
50.82 — 20-day moving average
48.85 — 40-day moving average
30.85 — the contract low
MARCH CORN
Chicago Board of Trade March corn prices Friday closed lower and closed at a bearish weekly low close. Overnight price action suggests a sharply lower to limit down open on Tuesday. The seasonal “February Break” phenomenon appears to be occurring in the grains. Last week’s price action did confirm a bearish “key reversal” down on the daily bar chart, which is an early clue of a market top. The corn bulls’ next major upside price objective is to push and close prices back above psychological resistance at $5.00 a bushel. The next downside price objective for the bears is to produce a close below solid support at $4.81 1/2.First resistance for March corn is seen at $4.85 and then at $4.90. First support is seen at the overnight low of $4.78 1/4 and then at $4.75.
5.19 ——– the contract high
4.91 3/4 — 10-day moving average
4.72 1/2 — 20-day moving average
4.44 1/2 — 40-day moving average
2.76 ——– the contract low
MARCH CBOT WHEAT
CBOT March wheat prices Friday closed higher, near the session high, hit a fresh four-week high and closed at a bullish weekly high close. However, prices look to open sharply lower Tuesday morning. The bulls’ next upside price objective is to push and close prices above strong technical resistance at Friday’s high of $9.66 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 $9.50 and then at $9.60. First support lies at the overnight low of $9.32 1/2 and then at $9.25.
10.09 1/2 — the contract high
9.17 ——– 10-day moving average
9.21 1/2 — 20-day moving average
9.12 3/4 — 40-day moving average
4.58 ——– the contract low
MARCH KCBT WHEAT
March Kansas City wheat prices Friday closed higher, near the session high, hit a fresh four-week high and closed at a bullish weekly high close. However, prices look to open sharply lower Tuesday morning. Bulls’ next upside price objective is pushing and closing prices above solid resistance at Friday’s high of $10.11 1/2. The bears’ next downside objective is pushing prices below major psychological support at $10.00. First resistance is seen at $10.00 and then at $10.11 1/2. First support is seen at $9.75 and then at $9.64.
10.19 ——– the contract high
9.37 1/4 — 10-day moving average
9.43 1/2 — 20-day moving average
9.35 3/4 — 40-day moving average
4.72 ——– the contract low
