by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEANS
July soybean prices Friday closed lower and near mid-range onsome profit-taking pressure from recent gains. The bulls stillhave solid upside momentum. The next upside price objective forthe bulls is closing prices above solid technical resistance atthe contract high of $8.33. The next downside price objective forthe bears is closing prices below solid support at $8.00. Firstresistance for July soybeans is seen at $8.25 and then at $8.33.First support is seen at $8.13 and then at $8.07.
8.33 ——– the contract high
8.16 1/4 — 10-day moving average
8.02 1/2 — 20-day moving average
7.72 1/2 — 40-day moving average
5.82 1/2 — the contract low
JULY SOYBEAN MEAL
CBOT July soymeal prices Friday closed steady and nearer thesession high and hit a fresh nearly three-month high. Meal bullsstill have upside technical momentum. The next upside priceobjective for the bulls is producing a close above solid chartresistance at $230.00. The next downside price objective for thebears is closing prices below solid support at $220.00. Firstresistance comes in at Friday’s high of $228.40 and then at$230.00. First support is seen at $223.50 and then at Friday’slow of $221.00.
245.20 — the contract high
220.80 — 10-day moving average
216.40 — 20-day moving average
208.90 — 40-day moving average
167.30 — the contract low
JULY SOYBEAN OIL
July bean oil prices Friday gapped lower on the daily bar chart,closed sharply lower and near the session low, and closed at theweekly low close. Profit-taking pressure was featured and noserious chart damage occurred. However, bulls do not want to seestrong follow-through selling pressure on Monday, which wouldlikely produce some near-term chart damage. Bean oil bulls stillhave the near-term technical advantage. The next upside priceobjective for the bulls is pushing prices above solid technicalresistance at the contract high of 36.41 cents. Bears’ nextdownside price objective is pushing and closing prices belowsolid support at 35.00 cents. First resistance is seen at 35.50cents and then at Friday’s high of 35.74 cents. First support isseen at Friday’s low of 35.28 cents and then at 35.00 cents.
36.41 — the contract high
35.78 — 10-day moving average
35.33 — 20-day moving average
34.21 — 40-day moving average
22.50 — the contract low
Source: VantagePoint Intermarket Analysis Software
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower nearmid-range. Prices are still in a well-defined trading range ofthe past several weeks. Look for a continued choppy trading rangebetween the May low of $3.54 and the May high of $3.96 1/2. Thenext downside price objective for the bears is closing pricesbelow solid support at last week’s low of $3.71 1/2 a bushel.Bulls’ next upside price objective is closing prices above theMay high of $3.96 1/2. First resistance for July corn is seen atFriday’s high of $3.86 1/2 and then at $3.90. First support isseen at Friday’s low of $3.76 1/2 and then at $3.75.
4.58 1/2 — the contract high
3.80 1/2 —10-day moving average
3.76 1/4 — 20-day moving average
3.75 1/2 — 40-day moving average
2.42 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed higher, nearer the sessionhigh, at the weekly high close and at a fresh contract highclose. Wheat bulls still have upside technical momentum, andgained more power Friday. Bulls’ next upside price objective isto close prices above solid resistance at the contract high of$5.36 a bushel. The next downside price objective for the bearsis closing prices below solid support at $5.00 a bushel. Firstresistance is seen at Friday’s high of $5.30 1/2 and then at$5.36. First support lies at $5.20 and then at Friday’s low of$5.16.
5.36 ——– the contract high
5.16 ——- 10-day moving average
5.01 1/4 — 20-day moving average
4.99 1/2 — 40-day moving average
3.49 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed higher, near thesession high, at the weekly high close and at a fresh 3.5-monthhigh close. Bulls still have upside technical momentum andgained
more power on Friday. Traders are anxiously awaiting Mondaymorning’s USDA supply and demand report, to get an assessment ofdamage to the wheat crop from recent adverse weather. Bulls’ nextupside price objective is closing prices above solid chart resistance at last week’s high of $5.21 a bushel. The bears’ nextdownside objective is closing prices below solid support at $4.90a bushel. First resistance is seen at $5.21 and then at $5.25.First support is seen at $5.10 and then at Friday’s low of $5.06.
5.27 ——– the contract high
5.03 1/4 — 10-day moving average
4.89 3/4 — 20-day moving average
4.90 1/2 — 40-day moving average
3.79 1/2 — the contract low
