by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEANS
July soybean prices Friday closed higher and near the session high on short covering. Prices are in a two-week-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $12.44. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $13.50 a bushel. First resistance for July soybeans is seen at Friday’s high of $13.11 and then at $13.25. First support is seen at 12.80 and then at Friday’s low of $12.65.
15.96 ——– the contract high
13.28 1/2 — 10-day moving average
13.38 1/2 — 20-day moving average
13.30 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 on short covering. Prices are still in a two-week-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid support at last week’s low of $322.20. The next upside price objective for the bulls is to produce a close above solid technical resistance at $350.00. First resistance comes in at Friday’s high of $340.00 and then at $345.00. First support is seen at $335.00 and then at $330.00.
$394.00 — the contract high
$343.00 — 10-day moving average
$345.30 — 20-day moving average
$343.60 — 40-day moving average
$204.00 — the contract low
JULY SOYBEAN OIL
July bean oil prices Friday closed higher and near mid-range.Prices are in a three-week-old downtrend on the daily bar chart.Bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 55.83 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 59.00 cents. First resistance is seen at 58.00 cents and then at Friday’s high of 58.20 cents. First support is seen at 57.00 cents and then at Friday’s low of 56.30 cents.
71.32 — the contract high
59.21 — 10-day moving average
59.85 — 20-day moving average
59.21 — 40-day moving average
31.90 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed lower and near the session low. Bulls still have the solid near-term technical advantage and their next upside price objective is to push and close prices above solid technical resistance at the contract high of $6.28 1/4. The next downside price objective for the bears is to push and close prices below solid support at $6.00. First resistance for July corn is seen at $6.20 and then at Friday’s high of $6.24. First support is seen at $6.10 and then at $6.03 1/2.
6.28 1/4 — the contract high
6.04 1/2 — 10-day moving average
6.07 1/4 — 20-day moving average
5.89 3/4 — 40-day moving average
2.65 ——– the contract low
JULY CBOT WHEAT
CBOT July wheat prices Friday closed higher and near the session high on short covering in a bear market. Prices are still in a seven-week-old downtrend on the daily bar chart. Bears still have the near-term technical advantage. Bulls’ next upside price objective is to push and close July futures prices above solid technical resistance at last week’s high of $8.43 a bushel. The next downside price objective for the bears is pushing and closing prices below strong technical support at last week’s low of $7.77 a bushel. First resistance is seen at Friday’s high of $8.13 and then at $8.25. First support lies at $8.00 and then at Friday’s low of $7.91.
12.72 3/4 — the contract high
8.24 3/4 — 10-day moving average
8.74 3/4 — 20-day moving average
9.66 ——– 40-day moving average
3.72 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed higher and nearer the session high on short covering. Bears still have the solid near-term technical advantage. A seven-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 $9.00 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $8.27. First resistance is seen at last week’s high of $8.72 and then at $9.00. First support is seen at $8.50 and then at Friday’s low of $8.40.
13.00 ——– the contract high
8.67 1/2 — 10-day moving average
9.20 ——– 20-day moving average
10.10 3/4 — 40-day moving average
4.36 ——– the contract low
