by Jim Wyckoff Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed locked down the limit of 50 cents a bushel, hit a fresh four-week low and closed at a bearish weekly low close. Price action also could have been the beginning of a downside breakout from a bearish pennant pattern on the daily bar chart. Serious near-term chart damage has been inflicted recently, including more on Friday. Technical odds still suggest a near-term market top is in place. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $14.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $13.34. First resistance for July soybeans is seen at $13.75 and then at $14.00. First support is seen at $13.50 and then at $13.34.
15.96 ——– the contract high
14.54 1/2 — 10-day moving average
14.62 ——– 20-day moving average
13.91 1/4 — 40-day moving average
6.26 ——– the contract low
CBOT JULY SOYMEAL
CBOT July soymeal prices Friday closed sharply lower and nearer the session low. Prices also scored a bearish “outside day” down on the daily bar chart and closed at a bearish weekly low close. Serious near-term chart damage has been inflicted recently, including more on Friday, to still suggest that a market top is in place. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at $355.00. The next downside price objective for the bears is pushing prices below solid support at the March low of $338.00. First resistance comes in at $353.50 and then at $355.00. First support is seen at $345.00 and then at Friday’s low of $343.60.
$394.00 — the contract high
365.40 — 10-day moving average
370.70 — 20-day moving average
363.00 — 40-day moving average
204.00 — the contract low
JULY BEAN OIL
July bean oil prices on Friday closed locked limit down, hit a fresh three-week low and closed at a bearish weekly low close. Serious near-term chart damage has been inflicted recently, including more on Friday, to suggest that a market top is in place. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at 64.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at 60.00 cents. First resistance is seen at 62.00 cents and then at 62.50 cents. First support is seen at 61.00 cents and then at 60.00 cents.
71.32 — the contract high
65.32 — 10-day moving average
64.86 — 20-day moving average
60.07 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower and near mid-range and closed at a bearish weekly low close. No serious chart damage was inflicted. However, if soybeans and wheat sell off sharply, then corn would likely be pulled lower, too. Corn bulls still have the near-term technical advantage. The corn bulls’ next upside price objective is to push and close prices above resistance at the contract high of $5.91. The next downside price objective for the bears is to push and close prices below solid support at the March low of $5.58 1/4. First resistance for July corn is seen at $5.75 and then at $5.80. First support is seen at Friday’s low of $5.61 1/2 and then at $5.58.
5.91 ——– the contract high
5.75 3/4 — 10-day moving average
5.64 1/4 — 20-day moving average
5.42 3/4 — 40-day moving average
2.65 ——– the contract low
CBOT JULY WHEAT
CBOT July wheat prices Friday again closed sharply lower and near mid-range on more profit-taking pressure from recent strong gains. No serious chart damage occurred Friday but the bulls are fading. Chicago wheat bulls still have overall near-term technical advantage. My bias is still that there is not a lot of room left on the upside in the wheat futures market. Bulls’ next upside price objective is to push and close July futures prices above psychological resistance at $12.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at Friday’s low of $11.23 3/4 a bushel. First resistance is seen at $11.81 3/4 and then at $12.00. First support lies at $11.44 and then at $11.23 3/4.
12.72 3/4 — the contract high
11.14 ——- 10-day moving average
10.66 3/4 — 20-day moving average
9.86 1/2 —- 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed sharply lower and near mid-range. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the contract high of $13.00 a bushel. The bears’ next downside objective is pushing and closing prices major psychological support at $12.00. First resistance is seen at Friday’s high of $12.62 and then at $13.00. First support is seen at $12.00 and then at Friday’s low of $11.76.
13.00 ——– the contract high
11.74 1/2 — 10-day moving average
11.34 1/4 — 20-day moving average
10.59 1/2 — 40-day moving average
4.36 ——– the contract low
