by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEANS
November soybean prices Friday closed lower and near the session low on some profit-taking pressure from recent gains. Bulls still have some upside near-term technical momentum on their side, but are a bit worried that price action on Friday could not see gains despite a bullish USDA report issued Friday morning. The next upside price objective for the bulls is to close prices above major psychological resistance at $10.00. The next downside price objective for the bears is closing prices below solid support at $9.50. First resistance for November soybeans is seen at $9.79 and then at $9.85. First support is seen at Friday’s low of $9.74 and then at $9.63.
10.17 1/2 — the contract high
9.58 1/2 — 10-day moving average
9.69 ——– 20-day moving average
9.24 1/4 — 40-day moving average
5.95 ——– the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Friday closed firmer, near mid-range and did close at a bullish weekly high close. Price action Friday also filled on the upside a downside price gap on the daily bar chart, created in early October. Bulls still have solid upside technical momentum. The next downside price objective for the bears is closing prices below solid support at $270.00. The next upside price objective for the meal bulls is to close prices above solid resistance at Friday’s high of $283.00. First resistance comes in at $280.00 and then at $283.00. First support is seen at Friday’s low of $276.00 and then at $272.50.
$293.00 — the contract high
272.30 — 10-day moving average
275.40 — 20-day moving average
261.00 — 40-day moving average
172.00 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed lower, near the session low and scored a bearish “outside day” down on the daily bar chart. The bulls are now worried about a triple top reversal pattern forming on the daily bar chart. The next upside price objective for the bulls is pushing prices above solid technical resistance at the contract high of 40.40 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 39.12 cents, which would fill on the downside last week’s upside price gap. First resistance is seen at 40.00 cents and then at 40.40 cents. First support is seen at Friday’s low of 39.50 cents and then at 39.26 cents.
40.40 — the contract high
39.16 — 10-day moving average
39.49 — 20-day moving average
38.45 — 40-day moving average
22.28 — the contract low
Source: VantagePoint Intermarket Analysis Software
DECEMBER CORN
Chicago Board of Trade December corn prices Friday closed higher, near mid-range and did close at a bullish weekly high close. Bulls have regained some upside technical momentum. The bulls’ next upside price objective is to push and close prices above solid resistance at $3.68, which would fill on the upside the big downside price gap on the daily bar chart that was created Oct. 1. First resistance for December corn is seen at Friday’s high of $3.57 1/2 and then at $3.60. The next downside price objective for the bears is to close prices below solid support at this month’s low of $3.35. First support is seen at Friday’s low of $3.47 3/4 and then at $3.45.
4.31 ——– the contract high
3.47 1/4 — 10-day moving average
3.58 ——– 20-day moving average
3.53 1/2 — 40-day moving average
2.48 ——– the contract low
DECEMBER CBOT WHEAT
CBOT December wheat prices Friday closed sharply lower and near the session low. Bulls faded, technically, on Friday and a minor bear flag has formed on the daily bar chart. Bulls’ next upside price objective is to push and close prices above resistance at last week’s high of $8.83 a bushel. The next downside price objective for the bears is pushing prices below solid support at last week’s low of $8.41 a bushel. First resistance is seen at $8.70 and then at $8.83. First support lies at Friday’s low of $8.53 and then at $8.41.
9.61 3/4 — the contract high
8.89 3/4 — 10-day moving average
8.88 1/4 — 20-day moving average
8.36 3/4 — 40-day moving average
3.86 ——– the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed solidly lower and near mid-range. Bulls’ next upside price objective is pushing prices above resistance at $8.94 a bushel, which is the top of last week’s downside price gap on the daily bar chart. The bears’ next downside objective is pushing prices below solid support at last week’s low of $8.41 3/4. First resistance is seen at Friday’s high of $8.76 and then at last week’s high of $8.86 1/4. First support is seen at Friday’s low of $8.61 1/2 and then at $8.50.
9.50 1/2 — the contract high
8.91 3/4 — 10-day moving average
8.81 3/4 — 20-day moving average
8.14 3/4 — 40-day moving average
4.16 ——– the contract low
