by Jim Wyckoff, SeniorAnalyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed lower, nearer the session low and closed at a bearish weekly low close. Profit-taking was featured and no chart damage occurred. Bulls are still in technical command of soybeans with still no signs of a market top being close at hand. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the contract high of $15.66 3/4 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 $14.91 3/4. First resistance for November soybeans is seen at $15.30 and then at Friday’s high of $15.41 1/4. First support is seen at Friday’s low of $14.98 3/4 and then at $14.91 3/4.
15.66 3/4 — the contract high
15.09 ——- 10-day moving average
14.39 1/4 — 20-day moving average
13.55 1/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed lower, near the session low and at a bearish weekly low close. Profit taking was featured and no serious chart damage occurred. Bulls still have the solid near-term technical advantage, amid no early clues of a market top being close at hand. The next upside price objective for the bulls is to produce a close above solid technical resistance at the contract high of $401.00. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $382.70. First resistance comes in at $390.00 and then at $395.00. First support is seen at Friday’s low of $387.00 and then at $382.70.
$401.00 — the contract high
$383.60 — 10-day moving average
$360.30 — 20-day moving average
$335.80 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December beanoil pricesFriday closed weaker, nearer the session low and closed at a bearish weekly low close. Profit taking was featured. Bean oil bulls still have the near-term technical advantage, but are fading. An 11-week-old uptrend is still in place on the daily bar chart, but now just barely. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 68.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at 64.00 cents. First resistance is seen at 66.00 cents and then at Friday’s high of 66.82 cents. First support is seen at last week’s low of 65.22 cents and then at 65.00 cents.
74.00 — the contract high
66.69 — 10-day moving average
65.17 — 20-day moving average
63.16 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed lower, near the session low and closed at a bearish weekly low close on profit-taking pressure. No serious chart damage occurred but the bulls are fading a bit and need to show fresh power soon. Corn bulls still have the solid near-term technical advantage. The bulls’ next upside price objective is to push and close prices above technical resistance at the contract high of $7.91 1/2. The next downside price objective for the bears is to push and close prices below solid support at last week’s low of $7.51 1/4. First resistance for December corn is seen at $7.60 and then at $7.65.First support is seen at $7.51 1/4 and then at $7.50.
7.91 1/2 — the contract high
7.46 1/2 — 10-day moving average
6.92 1/4 — 20-day moving average
6.59 1/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed lower, nearer the session low and closed at a bearish weekly low close on profit taking from recent gains. Bulls still have the slight near-term technical advantage, but have faded. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at last week’s high of $9.54 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $9.00 a bushel. First resistance is seen at $9.25 and then at Friday’s high of $9.35. First support lies at Friday’s low of $9.04 and then at $9.00.
12.84 1/4 — the contract high
9.03 1/4 — 10-day moving average
8.53 1/2 — 20-day moving average
8.42 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, nearer the session low and closed at a bearish weekly low close on profit taking. Bulls have the slight near-term technical advantage in wheat, but are fading. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $9.86 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $9.38 1/2. First resistance is seen at $9.50 and then at Friday’s high of $9.71. First support is seen at $9.38 1/2 and then at $9.25.
12.99 ——– the contract high
9.36 3/4 — 10-day moving average
8.88 1/4 — 20-day moving average
8.79 3/4 — 40-day moving average
4.88 ——– the contract low
