by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed solidly lower, near the session low and hit at a fresh five-week low. Prices also closed at a bearish weekly low close on Friday. Prices also saw a downside “breakout” from a bearish descending triangle pattern on the daily bar chart. Bears have gained fresh downside near-term technical momentum and near-term chart damage has been inflicted.The next upside price objective for the bean bulls is to push and close prices above 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 November soybeans is seen at $14.50 and then at $14.75. First support is seen at $14.30 and then at $14.15.
16.36 3/4 — the contract high
15.28 ——– 10-day moving average
15.46 1/4 — 20-day moving average
14.92 3/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed solidly lower, near the session low and hit at a fresh five-week low. Prices also closed at a bearish weekly low close on Friday. Bears have gained fresh near-term technical momentum as chart damage has been inflicted recently. The next upside price objective for the bulls is to produce a close above solid technical resistance at $400.00. The next downside price objective for the bears is pushing and closing prices below solid support at the July low of $360.00. First resistance comes in at $380.00 and then at $385.60. First support is seen at $370.00 and then at $365.00.
$431.90 — the contract high
$403.30 — 10-day moving average
$405.90 — 20-day moving average
$383.10 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil pricesFriday closed solidly lower, near the session low and hit at a fresh five-week low. Prices also closed at a bearish weekly low close on Friday. Prices also saw a downside “breakout” from a bearish descending triangle pattern on the daily bar chart. Bears have gained fresh downside near-term technical momentum and near-term chart damage has been inflicted. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 65.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at 60.00 cents. First resistance is seen at 63.50 cents and then at 64.00 cents. First support is seen at 62.50 cents and then at 62.00 cents.
74.00 — the contract high
64.87 — 10-day moving average
66.02 — 20-day moving average
65.60 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed sharply lower, near the session low, hit a fresh six-week low and closed at a bearish weekly low close. Serious near-term chart damage has been inflicted as prices are in a steep three-week-old downtrend on the daily bar chart. The bears have the near-term technical advantage in corn. The bulls’ next upside price objective is to push and close prices above solid technical resistance at $6.50. The next downside price objective for the bears is to push and close prices below major psychological support at $6.00. First resistance for December corn is seen at $6.30 and then at $6.35. First support is seen at $6.20 and then at $6.15.
7.99 1/4 — the contract high
6.77 3/4 — 10-day moving average
7.22 ——– 20-day moving average
7.07 ——– 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed lower, near the session low, hit a fresh five-week low and closed at a bearish weekly low close. Bears still have the near-term technical advantage. A three-week-old downtrend is in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at $8.00 a bushel. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $8.70 a bushel. First resistance is seen at $8.30 and then at $8.50. First support lies at $8.11 and then at $8.00.
12.84 1/4 — the contract high
8.42 3/4 — 10-day moving average
8.67 3/4 — 20-day moving average
8.65 1/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed lower, near the session low, and closed at a bearish weekly low close. Bears have the near-term technical advantage. A three-week-old downtrend is in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $8.88 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $8.50. First resistance is seen at $8.70 and then at $8.88. First support is seen at last week’s low of $8.54 and then at $8.50.
12.99 ——– the contract high
8.74 3/4 — 10-day moving average
9.10 1/2 — 20-day moving average
8.96 1/2 — 40-day moving average
4.88 ——– the contract low
