by Jim Wyckoff, Senior Analyst TraderPlanet.com
JANUARY SOYBEAN
January soybean prices Friday gapped higher on the daily bar chart, hit a fresh contract high and closed at the weekly high close. Bean bulls still have the solid near term technical advantage and gained more power on Friday. The next upside price objective for the bulls is to push and close prices above solid resistance at $11.50 a bushel. The next downside price objective for the bears is closing prices below strong support at $10.86, which is the bottom of Friday’s upside price gap on the daily bar chart. First resistance for January soybeans is seen at Friday’s contract high of $11.03 and then at $11.10. First support is seen at Friday’s low of $10.90 1/2 and then at $10.86.
11.03 ——– the contract high
10.73 3/4 — 10-day moving average
10.49 1/4 — 20-day moving average
10.19 1/4 — 40-day moving average
6.02 ——– the contract low
MARCH SOYBEAN MEAL
CBOT March soymeal prices Friday closed higher and closed at a bullish weekly high close. Bulls still have upside technical momentum. The next upside price objective for the bulls is to produce a close above solid technical resistance at the contract high of $302.00. The next downside price objective for the bears is closing prices below solid support at $292.50, which would fill on the downside an upside price gap on the daily bar chart. First resistance comes in at Friday’s high of $300.10 and then at $302.00. First support is seen at Friday’s low of $297.50 and then at last week’s low of $295.00.
302.00 — the contract high
294.70 — 10-day moving average
289.00 — 20-day moving average
285.00 — 40-day moving average
191.50 — the contract low
MARCH SOYBEAN OIL
March bean oil prices Friday gapped higher on the daily bar chart, hit another fresh contract high and closed near mid-range. The bean oil bulls still have the solid near-term technical advantage and gained more power Friday. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at 48.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 46.00 cents. First resistance is seen at Friday’s contract high of 47.67 cents and then at 48.00 cents. First support is seen at Friday’s low of 47.27 cents and then at 46.94 cents.
47.67 — the contract high
46.04 — 10-day moving average
44.83 — 20-day moving average
42.77 — 40-day moving average
30.85 — the contract low
MARCH CORN
Chicago Board of Trade March corn prices Friday gapped higher on the daily bar chart, closed near the session high and closed at the weekly high close. Bulls gained solid upside technical momentum on Friday. Corn will continue to closely track the key”outside markets,” gold, crude oil and the U.S. dollar. The corn bulls’ next upside price objective is to push and close prices above solid technical resistance at the November high of $4.07 1/2 a bushel. The next downside price objective for the bears is to push prices below solid support at $3.91 1/2. First resistance for March corn is seen at $4.07 1/2 and then at $4.15. First support is seen at Friday’s low of $4.01 and then at $3.99 1/4.
4.39 ——– the contract high
3.97 3/4 — 10-day moving average
3.96 1/4 —- 20-day moving average
3.84 1/4 — 40-day moving average
2.76 ——– the contract low
MARCH CBOT WHEAT
CBOT March wheat prices Friday closed solidly higher, hit a fresh four-week high and closed at a bullish weekly high close. Bulls do have fresh upside near-term technical momentum and gained more power on Friday. Bulls’ next upside price objective is to push and close prices above solid technical resistance at $8.75 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $8.15 a bushel. First resistance is seen at Friday’s high of $8.56 and then at $8.61 1/2. First support lies at $8.33 and then at Friday’s low of $8.27.
9.66 1/2 — the contract high
7.91 1/4 — 10-day moving average
8.03 3/4 — 20-day moving average
8.42 1/2 — 40-day moving average
4.58 ——– the contract low
Source: VantagePoint Intermarket Analysis Software
MARCH KCBT WHEAT
March Kansas City wheat prices Friday closed sharply higher, near the session high, and hit a fresh four-week high and closed at a bullish weekly high close. Bulls have fresh upside technical momentum on their side and gained more power Friday. Their next upside price objective is pushing and closing prices above major psychological resistance at $9.00 a bushel. The bears’ next downside objective is closing prices below solid technical support at $8.40. First resistance is seen at Friday’s high of $8.74 and then at $8.80. First support is seen at $8.50 and then at Friday’s low of $8.42 1/2.
9.50 ——– the contract high
8.05 3/4 — 10-day moving average
8.17 3/4 — 20-day moving average
8.48 ——– 40-day moving average
4.72 ——– the contract low
