by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday gapped sharply lower on the daily bar chart and closed nearer the session low. Serious near-term chart damage had been inflicted the past few weeks and Friday’s price action did more near-term technical damage to confirm that a four-week-old downtrend is in place on the daily bar chart. Technical odds still suggest a near-term market top is in place. The next upside price objective for the bean bulls is to push prices above solid technical resistance at $13.39 1/4 a bushel, which would fill on the upside Friday’s big downside price gap on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid support at the March low of $12.22. First resistance for July soybeans is seen at $13.00 and then at Friday’s high of $13.07. First support is seen at Friday’s low of $12.74 and then at $12.50.
15.96 ——– the contract high
13.09 ——– 10-day moving average
13.90 3/4 — 20-day moving average
13.96 ——– 40-day moving average
6.26 ——– the contract low
CBOT JULY SOYMEAL
CBOT July soymeal prices Friday gapped lower on the daily bar chart and closed solidly lower but nearer the session high. Friday’s price action confirmed that a four-week-old downtrend is in place on the daily bar chart. The next upside price objective for the bulls is to push prices above solid technical resistance at $351.50, which would fill on the upside Friday’s downside price gap on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid support at Friday’s low of $335.50. First resistance comes in at Friday’s high of $346.50 and then at $350.00. First support is seen at Thursday’s low of $340.00 and then at Friday’s low of $335.50.
$394.00 — the contract high
339.00 — 10-day moving average
353.90 — 20-day moving average
360.90 — 40-day moving average
204.00 — the contract low
JULY BEAN OIL
July bean oil prices on Thursday closed sharply lower and closed at a bearish weekly low close. Friday’s price action reaffirmed the solid four-week-old downtrend on the daily bar chart. Bears still have solid downside technical momentum. The next upside price objective for the bean oil bulls is pushing and closing prices above technical resistance at 57.50 cents, which would fill on the upside Friday’s downside price gap on the daily bar chart. Bears’ next downside technical price objective is pushing and closing prices below solid support at the March low of 54.82 cents. First resistance is seen at 56.00 cents and then at 56.50 cents. First support is seen at 55.00 cents and then at 54.82 cents.
71.32 — the contract high
57.97 — 10-day moving average
62.05 — 20-day moving average
60.98 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed higher, near the session high, hit a fresh two-week high and closed at a bullish weekly high close. 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 the contract high of $5.91. The next downside price objective for the bears is to push and close prices below solid support at $5.50.First resistance for July corn is seen at Friday’s and last week’s high of $5.74 1/2 and then at $5.80. First support is seen at $5.65 and then at Friday’s low of $5.60.
5.91 ——– the contract high
5.54 ——– 10-day moving average
5.64 3/4 — 20-day moving average
5.51 1/4 — 40-day moving average
2.65 ——– the contract low
CBOT JULY WHEAT
CBOT July wheat prices Friday closed lower and nearer the session high. Prices did close at a bearish weekly low close. Serious chart damage has occurred recently and a bearish double-top reversal pattern is in place on the daily bar chart. Bulls’ next upside price objective is to push and close July futures prices above strong technical resistance at last week’s high of $11.15 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at the March low of $9.60 1/2 a bushel. First resistance is seen at $10.00 and then at $12.25. First support lies at Friday’s low of $9.72 and then at $9.60 1/2.
12.72 3/4 — the contract high
10.57 ——– 10-day moving average
10.77 1/2 — 20-day moving average
10.24 1/2 —- 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed lower and nearer the session high but did close at a bearish weekly low close. A bearish double-top reversal pattern is in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above psychological resistance at $11.00 a bushel. The bears’ next downside objective is pushing and closing prices major psychological and technical support at the March low of $10.00. First resistance is seen at Friday’s high of $10.35 and then at $10.50. First support is seen at Friday’s low of $10.08 and then at $10.00.
13.00 ——– the contract high
10.99 3/4 — 10-day moving average
11.30 1/2 — 20-day moving average
10.91 1/2 — 40-day moving average
4.36 ——– the contract low
