by Jim Wyckoff, Senior Analyst TraderPlanet.com

NOVEMBER SOYBEANS

November soybean prices Friday closed lower and nearer the session low. Bulls and bears are struggling for near-term technical momentum, with neither gaining any headway last week. The next downside price objective for the bears is closing prices below solid support at last week’s low of $8.34. The next upside price objective for the bulls is closing prices above solid technical resistance at $8.69 1/2, which would fill on the upside last week’s downside price gap on the daily bar chart. First resistance for November soybeans is seen at Friday’s high of $8.49 and then at $8.55. First support is seen at $8.34 and then at $8.30.

9.49 1/2 — the contract high
8.60 3/4 — 10-day moving average
8.84 1/4 — 20-day moving average
8.70 1/4 — 40-day moving average
5.95 ——– the contract low

DECEMBER SOYBEAN MEAL

CBOT December soymeal prices Friday closed lower, nearer the session low, at the weekly low close and closed at a fresh two-month low close. Bears have the near-term technical momentum in meal. The next downside price objective for the bears is closing prices below solid support at $220.00. The next upside price objective for the bulls is producing a close above solid chart resistance at $233.20, which would fill on the upside last week’s downside price gap on the daily bar chart. First resistance comes in at Friday’s high of $226.60 and then at $228.50. First support is seen at Friday’s and last week’s low of $222.00 and then at $220.00.

266.00 — the contract high
230.50 — 10-day moving average
240.30 — 20-day moving average
237.30 — 40-day moving average
172.00 — the contract low

DECEMBER SOYBEAN OIL

December bean oil prices Friday closed higher and nearer the session high. No serious chart damage has occurred recently in oil. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at 38.34 cents, which would fill on the upside last week’s downside price gap on the daily bar chart. Bears’ next downside price objective is pushing and closing prices below solid support at 36.99 cents, which would fill on the downside a big upside price gap on the daily bar chart. First resistance is seen at Friday’s high of 37.95 cents and then at last week’s high of 38.20 cents. First support is seen at 37.44 cents and then at last week’s low of 37.14 cents.

39.20 — the contract high
38.07 — 10-day moving average
38.22 — 20-day moving average
37.50— 40-day moving average
22.28 — the contract low

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Source: VantagePoint Intermarket Analysis Software

DECEMBER CORN

Chicago Board of Trade December corn prices Friday closed higher, nearer the session high and at the weekly high close. Short covering was featured. The weekly high close on Friday does give the bulls better confidence that a near-term market low is in place. The next downside price objective for the bears is to close prices below solid support at last week’s low of $3.24 1/2. Bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of $3.40 1/2. First resistance for December corn is seen at Friday’s high of $3.37 1/2 and then at $3.40 1/2. First support is seen at Friday’s low of $3.31 and then at last week’s low of $3.24 1/2.

4.29 1/2 — the contract high
3.34 3/4 —10-day moving average
3.43 3/4 — 20-day moving average
3.68 3/4 — 40-day moving average
2.48 ——– the contract low

DECEMBER CBOT WHEAT

CBOT December wheat prices Friday closed steady but did close at the weekly high close. Wheat bulls still have the solid upside technical advantage, amid no signs of a market top being close at hand. Bulls’ next upside price objective is to close prices above resistance at the contract high of $6.78 a bushel. The next downside price objective for the bears is closing prices below strong support at $6.38 1/2 a bushel, which would fill on the downside an upside price gap created on the daily bar chart. First resistance is seen at the contract high of $6.78 and then at $6.85. First support lies at Friday’s low of $6.61 and then at $6.57.

6.78 ——– the contract high
6.43 3/4 — 10-day moving average
6.30 3/4 — 20-day moving average
6.13 3/4— 40-day moving average
3.86 ——– the contract low

DECEMBER KCBT WHEAT

December Kansas City wheat prices Friday closed higher, near the session high, at the weekly high close and closed at a fresh contract high close. Wheat bulls still have the strong technical advantage amid no signs of a market top. Bulls’ next upside price objective is closing prices above solid resistance at the contract high of $6.68 1/2 a bushel. The bears’ next downside objective is closing prices below solid support at $6.26 a bushel, which would fill on the downside last week’s upside price gap on the daily chart. First resistance is seen at Friday’s high of $6.60 1/2 and then at the contract high of $6.68 1/2. First support is seen at Friday’s low of $6.51 and then at $6.44 1/2.

6.68 1/2 — the contract high
6.29 3/4 — 10-day moving average
6.21 1/4 — 20-day moving average
6.02 3/4 — 40-day moving average
4.16 ——– the contract low

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Source: VantagePoint Intermarket Analysis Software