by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SOYBEAN
March soybean prices Friday closed lower but near the session high. Bulls still have the solid near term technical advantage, amid still no strong technical clues that a market top is close at hand. The next upside price objective for the bulls is to push prices to $13.00 a bushel. The next downside price objective for the bears is pushing prices below solid technical support at $12.18, which would fill on the downside last week’s upside price gap on the daily bar chart. First resistance for March soybeans is seen at the contract high of $12.68 1/2 and then at $12.93. First support is seen at Friday’s low of $12.51 and then at $12.36.
12.68 1/2 — the contract high
12.26 1/4 — 10-day moving average
11.92 3/4 — 20-day moving average
11.43 1/4 — 40-day moving average
6.70 ——– the contract low
MARCH SOYBEAN MEAL
CBOT March soymeal prices Friday closed lower but near the session high. Bulls have the solid technical advantage, 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 technical resistance at the contract high of $351.00. The next downside price objective for the bears is pushing prices below solid support at $337.50, which would fill on the downside last week’s upside price gap on the daily bar chart. First resistance comes in at the contract high of $351.00 and then at $352.50. First support is seen at Friday’s low of $344.50 and then at $342.00.
351.00 — the contract high
340.50 — 10-day moving average
332.70 — 20-day moving average
314.40 — 40-day moving average
191.50 — the contract low
MARCH SOYBEAN OIL
March bean oil prices Friday closed unchanged and near the session high. The bean oil bulls still have the solid near-term technical advantage amid no 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 52.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at 49.70 cents, which would fill on the downside last week’s upside price gap on the daily bar chart. First resistance is seen at the contract high of 51.30 cents and then at 51.50 cents. First support is seen at Friday’s low of 50.68 cents and then at 50.00 cents.
51.30 — the contract high
49.45 — 10-day moving average
48.10 — 20-day moving average
47.20 — 40-day moving average
30.85 — the contract low
MARCH CORN
Chicago Board of Trade March corn prices Friday closed at a fresh contract high close, the weekly high close and 12-year high close. Corn bulls are still very powerful, technically. An 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 major psychological resistance at $5.00 a bushel. The next downside price objective for the bears is to push prices below solid support at $4.50. First resistance for March corn is seen at the contract high of $4.69 1/2 and then at $4.75. First support is seen at Friday’s low of $4.59 and then at 4.56 3/4, which is the bottom of last week’s upside price gap on the daily bar chart.
4.69 1/2 — the contract high
4.53 1/2 — 10-day moving average
4.40 3/4 — 20-day moving average
4.21 ——– 40-day moving average
2.76 ——– the contract low
CBOT March wheat prices Friday closed lower but nearer the session high on profit-taking pressure from recent limit-up gains. The bulls have regained upside technical momentum last week. Chicago wheat bulls’ next upside price objective is to push and close prices above strong technical resistance at the September 2007 high of $9.66 1/2 a bushel. The next downside price objective for the bears is pushing prices below solid support at $9.15 a bushel, which would fill on the downside last week’s upside price gap on the daily bar chart. First resistance is seen at Friday’s high of $9.40 and then at last week’s high of $9.45. First support lies at Friday’s low of $9.17 and then at $9.15.
10.09 1/2 — the contract high
9.25 3/2 — 10-day moving average
9.33 3/4 — 20-day moving average
8.79 1/2 — 40-day moving average
4.58 ——– the contract low
MARCH KCBT WHEAT
March Kansas City wheat prices Friday closed lower and near mid-range. Bulls still had a good week last week. Bulls’ next upside price objective is pushing and closing prices above major psychological resistance at $10.00 a bushel. The bears’ next downside objective is closing prices below solid technical support at $9.20. First resistance is seen at Friday’s high of $9.55 and then at last week’s high of $9.66. First support is seen at Friday’s low of $9.35 1/2 and then at $9.28.
10.19 ——– the contract high
9.49 1/2 —- 10-day moving average
9.59 3/4 — 20-day moving average
9.00 3/4 — 40-day moving average
4.72 ——– the contract low
