by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CORN
Chicago Board of Trade December corn prices Friday gapped higher on the daily bar chart, hit a fresh four-week high and closed at a bullish weekly high close. The bulls still have an uptrend in place from the October low and gained more technical momentum on Friday. The bulls’ next upside price objective is to push prices above solid resistance at Friday’s high of $3.74 1/2. The next downside price objective for the bears is to close prices below solid support at last week’s low of $3.55 3/4. First resistance for December corn is seen at $3.74 1/2 and then at $3.80. First support is seen at Friday’s low of $3.69 1/2 and then at $3.67, which is the bottom of Friday’s upside price gap on the daily bar chart.
4.31 ——– the contract high
3.63 3/4 — 10-day moving average
3.55 1/2 — 20-day moving average
3.56 3/4 — 40-day moving average
2.48 ——– the contract low
DECEMBER CBOT WHEAT
CBOT December wheat prices Friday closed lower, near the session low, at the weekly low close and hit a fresh two-month low. Bears have some fresh downside near-term technical momentum on their side. Bulls’ next upside price objective is to push and close prices above solid resistance at $8.41 a bushel, which would fill on the upside last week’s downside price gap on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below major psychological support at $8.00 a bushel. First resistance is seen at Friday’s high of $8.09 and then at $8.14. First support lies at Friday’s low of $7.95 and then at $7.85.
9.61 3/4 — the contract high
8.28 3/4 — 10-day moving average
8.59 1/4 — 20-day moving average
8.61 ——– 40-day moving average
3.86 ——– the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed higher and near mid-range. A four-week-old downtrend line is in place on the daily bar chart, from the late-September contract high. Bulls’ next upside price objective is pushing and closing prices above solid resistance at $8.58 a bushel, which is the top of a 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 $8.15. First resistance is seen at Friday’s high of $8.33 and then at $8.43. First support is seen at Friday’s low of $8.20 and then at $8.15.
9.50 1/2 — the contract high
8.45 1/4 — 10-day moving average
8.68 1/2 — 20-day moving average
8.51 1/4 — 40-day moving average
4.16 ——– the contract low
JANUARY SOYBEANS
January soybean prices Friday closed slightly higher and near the session low after hitting a fresh four-week high early on. Bulls still have the near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid technical resistance at last week’s high of $10.25. The next downside price objective for the bears is closing prices below solid support at last week’s low of $9.80. First resistance for January soybeans is seen at Friday’s high of $10.25 and then at the contract high of $10.33. First support is seen at Friday’s low of $10.12 and then at $10.00.
10.33 ——- the contract high
10.02 —— 10-day moving average
9.89 1/2 — 20-day moving average
9.77 ——– 40-day moving average
6.02 ——– the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Friday closed lower and nearer the session low. Trading has turned choppy. 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 $283.50. The next downside price objective for the bears is closing prices below solid support at $270.00. First resistance comes in at $280.00 and then at Friday’s high of $283.00. First support is seen at Friday’s low of $277.50 and then at $275.00.
$293.00 — the contract high
277.00 — 10-day moving average
274.70 — 20-day moving average
270.90 — 40-day moving average
172.00 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday gapped higher on the daily bar chart, hit a fresh contract high and closed near mid-range.Record-high crude oil prices have boosted bean oil. The bean oil bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at 42.50 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at 40.00 cents. First resistance is seen at Friday’s contract high of 41.50 cents and then at 41.75 cents. First support is seen at Friday’s low of 41.25 cents and then at41.03 cents, which is the bottom of Friday’s upside price gap.
41.50 — the contract high
40.54 — 10-day moving average
39.85 — 20-day moving average
39.49 — 40-day moving average
22.28 — the contract low
