by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEAN
July soybean prices Friday closed higher, near the session high and closed at a bullish weekly high close. Prices also filled on the upside a downside price gap on the daily bar chart that was created in mid-May. Prices are still trapped in a sideways trading range between the April high of $14.15 and the May low of $12.44. The direction in which prices break out of this trading range is likely to be the next significant trend in prices. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $13.13. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the May high of $14.02 a bushel. First support for July soybeans is seen at $13.50 and then at Friday’s low of $13.41. First resistance is seen Friday’s and last week’s high of at $13.71 and then at $13.87.
15.96 ——– the contract high
13.53 1/2 — 10-day moving average
13.27 3/4 — 20-day moving average
13.28 ——- 40-day moving average
6.26 ——– the contract low
JULY SOYMEAL
CBOT July soymeal prices Friday closed higher and near the session high and have rebounded up from strong technical support located at the May low of $322.20. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $325.20. The next upside price objective for the bulls is to produce a close above solid technical resistance at $340.00. First resistance comes in at Friday’s high of $337.20 and then at $340.00. First support is seen at $334.00 and then at $320.00.
$340.50 — 10-day moving average
$337.50 — 20-day moving average
$341.10 — 40-day moving average
$204.00 — the contract low
JULY BEAN OIL
July bean oil prices Friday closed higher, near mid-range, at a bullish weekly high close and did hit a fresh nine-week high.Bulls have regained upside technical momentum amid record high crude oil prices. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 66.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at 62.00 cents. First resistance is seen at 64.00 cents and then at Friday’s high of 64.25 cents. First support is seen at Friday’s low of 62.90 cents and then at 62.50 cents.
71.32 — the contract high
61.66 — 10-day moving average
60.04 — 20-day moving average
59.60 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed higher and near the session high. Bulls still have the overall technical advantage in corn. The bulls’ next upside price objective is to push prices above solid technical resistance at last week’s high of $6.11 1/4. The next downside price objective for the bears is to push and close prices below solid support at $5.79 1/4. First resistance for July corn is seen at Friday’s high of $6.02 and then at $6.07. First support is seen at $5.95 and then at Friday’s low of $5.93.
6.34 ——– the contract high
5.98 3/4 — 10-day moving average
6.06 1/4— 20-day moving average
6.05 1/2 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed firmer and near mid-range after hitting a fresh six-month low early on. Prices are still trapped below a nine-week-old downtrend on the daily bar chart.
Bulls’ next upside price objective is to push and close July futures prices above technical resistance at last week’s high of $8.09 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below technical support at $7.00 a bushel. First resistance is seen at Friday’s high of $7.59 1/2 and then at $7.88. First support lies at Friday’s low of $7.40 1/2 and then at $7.25.
12.72 3/4 — the contract high
7.76 1/4 — 10-day moving average
7.93 1/2 — 20-day moving average
8.51 1/2 — 40-day moving average
3.72 ——– the contract low
JULY KANSAS CITY WHEAT
July Kansas City wheat prices Friday closed lower, near the session low, hit a fresh five-month low and closed at a bearish weekly low close. Bears still have the overall near-term technical advantage. A nine-week-old downtrend is still in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of $8.52 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $7.50. First resistance is seen at Friday’s high of $8.05 1/2 and then at $8.30. First support is seen at Friday’s low of $7.94 1/2 and then at $7.75.
13.00 ——– the contract high
8.23 1/4 — 10-day moving average
8.39 1/4 — 20-day moving average
8.97 1/2 — 40-day moving average
4.36 ——– the contract low
