by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed higher, near the session high, at the weekly high close and hit a fresh three-month high. Bulls have solid upside momentum and gained more power Friday. The next upside price objective for the bulls is closing prices above solid technical resistance at the contract high of $8.22. The next downside price objective for the bears is closing prices below solid support at last week’s low of $7.94. First resistance for July soybeans is seen at Friday’s high of $8.19 1/2 and then at $8.22. First support is seen at $8.10 and then at Friday’s low of $8.05 1/2.
8.22 — the contract high
8.03 1/2 — 10-day moving average
7.82 3/4 — 20-day moving average
7.65 1/4 — 40-day moving average
5.82 1/2 — the contract low
JULY SOYBEAN MEAL
CBOT July soymeal prices Friday closed solidly higher, near the session high, at the weekly high close and hit a fresh two-month high. Bulls have solid upside technical momentum and gained more power Friday. The next upside price objective for the bulls is producing a close above solid chart resistance at $225.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $213.20. First resistance comes in at Friday’s high of $221.80 and then at $223.50. First support is seen at $219.50 and then at Friday’s low of $217.00.
245.20 — the contract high
216.60 — 10-day moving average
210.70 — 20-day moving average
207.40 — 40-day moving average
167.30 — the contract low
Source: VantagePoint Intermarket Analysis Software
JULY SOYBEAN OIL
July bean oil prices Friday closed slightly higher and near mid-range. Bean oil bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at the contract high of 36.05 cents. Bears’ next downside price objective is pushing and closing prices below solid support at 35.00 cents. First resistance is seen at 36.05 cents and then at 36.50 cents. First support is seen at Friday’s low of 35.62 cents and then at 35.30 cents.
36.05 — the contract high
35.38 — 10-day moving average
34.66 — 20-day moving average
33.85 — 40-day moving average
22.50 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower and near the session low on some profit-taking pressure from recent solid gains. Prices last week challenged the upper boundary of a two-month-old trading range on the daily bar chart, but they could not punch above it. Thus, look for a continued choppy trading range between the May low of $3.54 and the May high of $3.96 1/2. The next downside price objective for the bears is closing prices below solid support at $3.75 a bushel. Bulls’ next upside price objective is closing prices above the May high of $3.96 1/2. First resistance for July corn is seen at $3.90 and then at Friday’s high of $3.93 1/2. First support is seen at $3.85 and then at $3.80.
4.58 1/2 — the contract high
3.76 3/4 —10-day moving average
3.73 3/4 — 20-day moving average
3.74 3/4 — 40-day moving average
2.42 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed higher and set a fresh contract high, but then did back off to close nearer the session low. Bulls still have solid upside technical momentum. Bulls’ next upside price objective is to close prices above solid resistance at Friday’s contract high of $5.30 1/2 a bushel. The next downside price objective for the bears is closing prices below solid support at $5.00 a bushel. First resistance is seen at $5.25 and then at $5.30 1/2. First support lies at Friday’s low of $5.16 and then at $5.08.
5.30 1/2 — the contract high
4.93 ——– 10-day moving average
4.91 3/4 — 20-day moving average
4.92 1/2 — 40-day moving average
3.49 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed higher, at the weekly high close, hit a fresh 13-week high and then did back off to close nearer the session low. Bulls still have solid upside technical momentum. Bulls’ next upside price objective is closing prices above solid chart resistance at Friday’s high of $5.20 a bushel. The bears’ next downside objective is closing prices below solid support at $4.90 a bushel. First resistance is seen at $5.12 and then at $5.18. First support is seen at Friday’s low of $5.04 and then at $5.00.
5.27 ——– the contract high
4.83 3/4 — 10-day moving average
4.82 1/4 — 20-day moving average
4.86 ——- 40-day moving average
3.79 1/2 — the contract low
