by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEANS
November soybean prices Tuesday closed lower and near the session low on some profit-taking pressure from recent strong gains. No serious chart damage occurred. The bulls still have the strong technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at the contract high of $9.03 1/2. The next downside price objective for the bears is closing prices below solid support at $8.43 1/2, which would fill on the downside the big upside price gap on the daily bar chart that was created last week. First resistance for November soybeans is seen at Tuesday’s high of $8.92 1/2 and then at $9.03 1/2. First support is seen at Tuesday’s low of $8.80 1/2 and then at $8.75.
9.03 1/2 — the contract high
8.57 3/4 — 10-day moving average
8.61 1/2 — 20-day moving average
8.40 3/4 — 40-day moving average
5.95 ——– the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Tuesday closed lower and nearer the session low on profit-taking pressure. Meal bulls are still technically very strong. The next upside price objective for the bulls is producing a close above solid chart resistance at the contract high of $251.70. The next downside price objective for the bears is closing prices below solid support at $229.50, which would fill on the downside last week’s big upside price gap on the daily bar chart. First resistance comes in at Tuesday’s high of $246.00 and then at $248.00. First support is seen at Tuesday’s low of $242.30 and then at $240.00.
251.70 — the contract high
235.40 — 10-day moving average
236.40 — 20-day moving average
228.90 — 40-day moving average
172.00 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Tuesday closed lower and nearer the session low. Bean oil bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at the contract high of 38.88 cents. Bears’ next downside price objective is pushing and closing prices below solid support at 36.99 cents, which would fill on the downside last week’s big upside price gap on the daily bar chart. First resistance is seen at Tuesday’s high of 38.10 cents and then at 38.33 cents. First support is seen at Tuesday’s low of 37.52 cents and then at 37.25 cents.
38.88 — the contract high
36.88 — 10-day moving average
36.88 — 20-day moving average
36.54 — 40-day moving average
22.28 — the contract low
DECEMBER CORN
Chicago Board of Trade December corn prices Tuesday closed sharply lower, near the session low and hit a fresh eight-month low on more long liquidation pressure. Serious near-term technical damage has occurred to strongly suggest that a market top is in place. However, the market is now way oversold on a short-term technical basis and due for at least a short-covering bounce very soon. Bulls’ next upside price objective is closing prices above solid technical resistance at $3.50. The next downside price objective for the bears is closing prices below solid chart support at $3.25 a bushel. First resistance for December corn is seen at $3.40 and then at Tuesday’s high of $3.47. First support is seen at Tuesday’s low of $3.36 and then at $3.30.
4.29 1/2 — the contract high
3.69 1/2 —10-day moving average
3.87 3/4 — 20-day moving average
3.80 3/4 — 40-day moving average
2.48 ——– the contract low
Source: VantagePoint Intermarket Analysis Software
DECEMBER CBOT WHEAT
CBOT December wheat prices Tuesday closed slightly lower and nearer the session high. Price action last Friday and on Monday has produced a big and bearish key reversal down on the daily bar chart that does provide an early clue that a near-term top is in place. Bulls’ next upside price objective is to close prices above resistance at $6.25 a bushel. The next downside price objective for the bears is closing prices below strong support at $5.57 a bushel, which would fill on the downside an upside price gap on the daily bar chart that occurred in earlyJune. First resistance is seen at $6.00 and then at $6.10. First support lies at Tuesday’s low of $5.88 and then at $5.80.
6.58 ——– the contract high
6.17 3/4 — 10-day moving average
6.04 3/4 — 20-day moving average
5.61 1/2 — 40-day moving average
3.86 ——– the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Tuesday closed steady and near the session high. Price action last Friday and on Monday has produced a big and bearish key reversal down on the daily bar chart that does provide an early clue that a near-term top is in place. Bulls’ next upside price objective is closing prices above strong resistance at $6.20 a bushel. The bears’ next downside objective is closing prices below solid support at this week’s low of $5.88 1/4 a bushel. First resistance is seen at $600 and then at $6.06. First support is seen at $5.88 1/4 and then at $5.80.
6.49 ——– the contract high
6.07 1/2 — 10-day moving average
5.95 ——– 20-day moving average
5.52 1/4 — 40-day moving average
4.16 ——– the contract low
