by Jim Wyckoff, Senior Analyst TraderPlanet.com
JANUARY SOYBEANS
January soybean prices Friday closed lower and near mid-range. Trading has been choppy the past week. Bulls still have the near-term technical advantage. Look for traders to continue to look to “outside markets” like crude oil and gold for direction. The next upside price objective for the bulls is to push and close prices above solid resistance at last week’s high of $10.15. The next downside price objective for the bears is closing prices below solid support at last week’s low of $9.86. First resistance for January soybeans is seen at Friday’s high of $10.07 and then at $10.15. First support is seen at Friday’s low of $9.94 1/2 and then at $9.86.
10.33 ——- the contract high
9.90 1/4 — 10-day moving average
9.89 3/4 — 20-day moving average
9.62 3/4 — 40-day moving average
6.02 ——– the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Friday closed lower and nearer the session high. Bulls do still have the near-term technical advantage. The next upside price objective for the meal bulls is to close prices above solid resistance at last week’s high of $283.50. The next downside price objective for the bears is closing prices below solid support $270.00. First resistance comes in at Friday’s high of $278.00 and then at $280.00. First support is seen at last week’s low of $273.10 and then at $270.00.
$293.00 — the contract high
274.80 — 10-day moving average
276.00 — 20-day moving average
266.70 — 40-day moving average
172.00 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed lower and nearer the session low on profit-taking pressure from recent solid gains. The bean oil bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at 42.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 39.50 cents. First resistance is seen at the contract high of 41.12 cents and then at 41.50 cents. First support is seen at 40.00 cents and then at 39.75 cents.
41.12 — the contract high
39.84 — 10-day moving average
39.62 — 20-day moving average
39.02 — 40-day moving average
22.28 — the contract low
Source: VantagePoint Intermarket Analysis Software
DECEMBER CORN
Chicago Board of Trade December corn prices Friday hit a fresh three-week high and closed near the session high and closed at a bullish weekly high close. The bulls have gained solid upside near-term technical momentum recently and their next upside price objective is to push prices above solid resistance at the September high of $3.89 1/2. The next downside price objective for the bears is to close prices below solid support at $3.60 1/4, which would fill on the downside an upside price gap on the daily bar chart. First resistance for December corn is seen at Friday’s high of $3.71 and then at $3.72. First support is seen at $3.65 and then at $3.62 1/2.
4.31 ——– the contract high
3.54 1/4 — 10-day moving average
3.58 1/2 — 20-day moving average
3.54 1/2 — 40-day moving average
2.48 ——– the contract low
Source: VantagePoint Intermarket Analysis Software
DECEMBER CBOT WHEAT
CBOT December wheat prices Friday closed the limit of 30 cents higher and closed at a bullish weekly high close. A three-week-old downtrend line is still in place on the daily bar chart. However, the bulls would regain upside technical momentum with strong follow-through buying on Monday. Bulls’ next upside price objective is to push and close prices above technical resistance at $8.83 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $8.10 a bushel. First resistance is seen at $8.60 and then at $8.65. First support lies at $8.50 and then at $8.41.
9.61 3/4 — the contract high
8.46 1/4 — 10-day moving average
8.80 3/4 — 20-day moving average
8.51 3/4 — 40-day moving average
3.86 ——– the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed up the 30-cent trading limit and closed at a bullish weekly high close. Good follow-through buying on Monday would give the bulls some fresh upside technical momentum. At present a downtrend is still in place from the October 1 contract high. Bulls’ next upside price objective is pushing prices above resistance at $8.86 1/4 a bushel. The bears’ next downside objective is pushing prices below support at last week’s low of $8.25. First resistance is seen at $8.75 and then at $8.86 1/4. First support is seen at $8.60 and then at $8.50.
9.50 1/2 — the contract high
8.54 ——– 10-day moving average
8.81 1/2 — 20-day moving average
8.36 1/4 — 40-day moving average
4.16 ——– the contract low
