by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed sharply higher, near the session high, at a bullish weekly and monthly high close, and hit a fresh contract and all-time high. Stronger “outside markets”gold and crude oil and a weaker U.S. dollar continue to add buying support to the soybean complex futures. There are still no strong early technical warning signals that a market top is close at hand in soybeans. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $16.00 a bushel. The next downside price objective for the bears is pushing and closing prices below support at $15.00.First resistance for July soybeans is seen at Friday’s contract high of $15.48 and then at $15.75. First support is seen at Friday’s low of $15.25 and then at $15.00.
15.48 ——– the contract high
14.69 3/4 — 10-day moving average
14.13 1/2 — 20-day moving average
13.53 3/4 — 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed higher and near the session high. Prices also closed at a bullish weekly, monthly and contract high close. The bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is to produce a close above technical resistance at the contract high of $387.50. The next downside price objective for the bears is pushing prices below solid support at $373.00, which would fill on the downside an upside price gap on the daily bar chart. First resistance comes in at Friday’s high of $385.30 and then at $387.50. First support is seen at $381.00 and then at Friday’s low of $379.00.
$387.50 — the contract high
376.10 — 10-day moving average
369.70 — 20-day moving average
361.40 — 40-day moving average
204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed sharply higher, hit another fresh contract and all-time high and closed near the session high. Prices also posted a bullish weekly and monthly high close.Record high crude oil prices have boosted the bean oil bulls. This market is still way overdone on the upside and due for at least a corrective pullback very soon. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at 70.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at 67.50 cents. First resistance is seen at Friday’s contract high of 69.75 cents and then at 70.00 cents. First support is seen at 69.00 cents and then at 68.50 cents.
69.75 — the contract high
64.39 — 10-day moving average
60.65 — 20-day moving average
56.99 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed higher, near mid-range and did score a fresh contract high and a bullish weekly and monthly high close. Higher “outside markets” gold and crude oil and a slumping U.S. dollar have boosted corn recently. Corn bulls still have the solid near-term technical advantage. The corn bulls’ next upside price objective is to push and close prices above resistance at $5.80. The next downside price objective for the bears is to push and close prices below solid support at $5.51 1/4. First resistance for July corn is seen at Friday’s contract high of $5.71 and then at $5.75. First support is seen at Friday’s low of $5.63 3/4 and then at $5.58.
5.71 ——– the contract high
5.52 3/4 — 10-day moving average
5.40 ——– 20-day moving average
5.25 1/2 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday again closed sharply lower and near the session low, and closed at a bearish weekly low close. A bearish V-Top reversal pattern has formed on the daily bar chart. That chart pattern and the recent extreme volatility are solid clues of a topping process in wheat. Chicago wheat bulls’ next upside price objective is to push and close July futures prices above solid resistance at Friday’s high of $10.50 a bushel. The next downside price objective for the bears is pushing prices below support at $9.87 a bushel, which would fill on the downside an upside price gap on the daily bar chart. First resistance is seen at $10.15 and then at $10.25. First support lies at Friday’s low of $9.92 and then at $9.87.
12.50 ——– the contract high
10.19 1/4 — 10-day moving average
9.77 3/4 —– 20-day moving average
9.11 3/4 — 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed sharply lower and nearer the session low. Prices also scored a bearish weekly low close. Last week’s technical price action is a strong clue of a market top being in place. The bulls’ next upside price objective is pushing and closing prices above resistance at $11.35 a bushel. The bears’ next downside objective is pushing and closing prices below psychological support at $10.00. First resistance is seen at $11.00 and then at Friday’s high of $11.15. First support is seen at Friday’s low of $10.75 and then at $10.67.
13.00 ——– the contract high
10.94 1/4 — 10-day moving average
10.59 1/2 — 20-day moving average
9.80 1/2 — 40-day moving average
4.36 ——– the contract low
