by Jim Wyckoff, SeniorAnalyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed higher and near the session high on short covering and bargain-hunting buying after recent downside price pressure. Near-term chart damage has been inflicted recently. Prices are still in a three-week-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $14.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $13.56. First resistance for November soybeans is seen at Friday’s high of $13.96 1/2 and then at $14.00. First support is seen at $13.75 and then at $13.56.
16.36 3/4 — the contract high
14.52 1/2 — 10-day moving average
15.18 ——- 20-day moving average
14.96 1/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed slightly higher and near mid-range. Near-term chart damage has occurred recently. Prices are in a two-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $376.60. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $353.30. First resistance comes in at Friday’s high of $366.30 and then at $370.80. First support is seen at last week’s low of $353.30 and then at $350.00.
$431.90 — the contract high
$380.60 — 10-day moving average
$398.90 — 20-day moving average
$386.20 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil prices Friday closed higher and nearer the session high after hitting a fresh 10-week low early on. Prices Friday did score a mildly bullish “outside day” up on the daily bar chart. Near-term chart damage has been inflicted recently.Prices are still in a three-week-old downtrend on the daily bar chart. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 63.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at Friday’s low of 59.30 cents. First resistance is seen at Friday’s high of 60.52 cents and then at 61.00 cents. First support is seen at 60.00 cents and then at Friday’s low of 59.30 cents.
74.00 — the contract high
62.68 — 10-day moving average
64.88 — 20-day moving average
65.23 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed firmer and near mid-range on more tepid short covering in a bear market. Serious near-term chart damage has been inflicted recently. Prices are still in a steep four-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is to push and close prices above solid technical resistance at $6.00. The next downside price objective for the bears is to push and close prices below solid technical support at last week’s low of $5.62 3/4. First resistance for December corn is seen at $6.00 and then at Friday’s high of $6.04 1/2. First support is seen at Friday’s low of $5.88 and then at $5.80.
7.99 1/4 — the contract high
6.28 1/2 — 10-day moving average
6.86 3/4 — 20-day moving average
7.03 3/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed higher and nearer the session high and also closed at a bullish weekly high close. Short covering in a bear market was again featured. Bears still have the near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $7.98. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $8.50 a bushel. First resistance is seen at Friday’s high of $8.46 and then at $8.50. First support lies at $8.25 and then at Friday’s low of $8.05.
12.84 1/4 — the contract high
8.28 1/2 — 10-day moving average
8.53 1/2 — 20-day moving average
8.67 3/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed higher and nearer the session high and closed at a bullish weekly high close. Short covering in a bear market was featured. Bears still have the near-term technical advantage. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $8.88 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $8.3 1/2. First resistance is seen at Friday’s high of $8.69 and then at $8.88. First support is seen at $8.50 and then at Friday’s low of $8.37.
12.99 ——– the contract high
8.57 1/4 — 10-day moving average
8.81 3/4 — 20-day moving average
8.98 1/4 — 40-day moving average
4.88 ——– the contract low
