by Jim Wyckoff, Senior Analyst TraderPlanet.com
JANUARY SOYBEAN
January soybean prices Friday closed solidly higher, near the session high, at a bullish weekly high close and set a fresh contract high. Bean bulls have the solid near term technical advantage and gained more power Friday. Traders will continue to closely follow the key “outside markets” crude oil, gold and the value of the U.S. dollar. The next upside price objective for the bulls is to push and close prices above major psychological resistance at $11.00 a bushel. The next downside price objective for the bears is closing prices below solid support at $10.25, which is the bottom of an upside price gap on the daily bar chart. First resistance for January soybeans is seen at Friday’s contract high of $10.57 and then at $10.75. First support is seen at $10.50 and then at $10.40.
10.57 ——– the contract high
10.28 3/4 — 10-day moving average
10.15 1/2 — 20-day moving average
10.01 1/4 — 40-day moving average
6.02 ——– the contract low
DECEMBER SOYMEAL
CBOT December soymeal prices Friday closed higher and nearer the session high. The bulls still have the solid near-term technical advantage in meal. The next upside price objective for the bulls is to produce a close above solid resistance at last week’s high of $287.00. The next downside price objective for the bears is closing prices below solid support at $270.00. First resistance comes in at Friday’s high of $283.00 and then at $285.00. First support is seen at $280.00 and then at $278.00.
278.40 — 10-day moving average
277.70 — 20-day moving average
276.50 — 40-day moving average
172.00 — the contract low
DECEMBER BEAN OIL
December bean oil prices Friday hit yet another fresh contract high and closed higher, near the session high and at a bullish weekly high close. Recent record high crude oil prices have supported bean oil prices. The bean oil bulls have the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at 46.00 cents. Bears’ next downside technical price objective is pushing prices below solid support at 42.75 cents, which would fill on the downside an upside price gap on the daily bar chart. First resistance is seen at Friday’s contract high of 45.12 cents and then at 45.50 cents. First support is seen at 44.50 cents and then at Friday’s low of 44.00 cents.
45.12 — the contract high
43.00 — 10-day moving average
41.77 — 20-day moving average
40.63 — 40-day moving average
22.28 — the contract low
DECEMBER CORN
Chicago Board of Trade December corn prices Friday closed lower and near the session high. Bulls still have upside technical momentum on their side as a four-week-old uptrend line is in place on the daily bar chart. Corn will continue to closely track the key “outside markets” crude oil and gold. The corn bulls’ next upside price objective is to push and close prices above solid resistance at last week’s high of $3.90 1/2. The next downside price objective for the bears is to push prices below solid support at $3.77 1/2, which would fill on the downside an upside price gap on the daily chart. First resistance for December corn is seen at Friday’s high of $3.89 and then at $3.90 1/2. First support is seen at $3.82 and then at Friday’s low of $3.80 1/2.
4.31 ——– the contract high
3.78 3/4 — 10-day moving average
3.71 1/2 — 20-day moving average
3.64 3/4 — 40-day moving average
2.48 ——– the contract low