by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEANS
November soybean prices Friday closed solidly lower, near the session low and closed at a bearish weekly low close. Bulls need to watch out for a bear flag or bearish pennant pattern forming on the daily bar chart. The bulls are fading. The next upside price objective for the bulls is to push prices above solid resistance at $9.73, which is the bottom of a big downside price gap on the daily bar chart. The next downside price objective for the bears is closing prices below solid support at last week’s low of $9.34 1/2. First resistance for November soybeans is seen at $9.50 and then at Friday’s high of $9.54 1/2. First support is seen at Friday’s low of $9.37 1/2 and then at $9.34 1/2.
10.17 1/2 — the contract high
9.72 1/2 — 10-day moving average
9.63 3/4 — 20-day moving average
9.15 1/2 — 40-day moving average
5.95 ——– the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Friday closed solidly lower, near the session low, hit a fresh three-week low and closed at a bearish weekly low close. The bulls are fading. The next downside price objective for the bears is closing prices below solid support at $258.00. The next upside price objective for the meal bulls is to close prices above solid resistance at $275.00. First resistance comes in at $268.00 and then at Friday’s high of $270.80. First support is seen at Friday’s low of $264.20 and then at $260.00.
293.00 — the contract high
277.20 — 10-day moving average
272.40 — 20-day moving average
256.60 — 40-day moving average
172.00 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices on Friday closed slightly lower and near mid-range. Some chart damage has occurred recently, but the bulls have worked prices up from last week’s low. There is still the specter of a bearish double-top reversal pattern on the daily bar chart. The next upside price objective for the bulls is pushing prices above solid technical resistance at 39.60 cents, which is the top of a downside price gap on the daily bar chart. Bears’next downside price objective is pushing and closing prices below solid support at last week’s low of 38.00 cents. First resistance is seen at 39.32 cents and then at 39.60 cents. First support is seen at Friday’s low of 38.92 cents and then at 38.50 cents.
40.40 — the contract high
39.41 — 10-day moving average
39.46 — 20-day moving average
38.11 — 40-day moving average
22.28 — the contract low
2710
Source: VantagePoint Intermarket Analysis Software
DECEMBER CORN
Chicago Board of Trade December corn prices Friday closed steady and nearer the session high, but did close at a bearish weekly low close. Serious near-term chart damage has been inflicted recently to suggest still more downside price potential exists in the near term. The next downside price objective for the bears is to close prices below solid support at the September low of $3.35 1/2. The bulls’ next upside price objective is to push and close prices above solid resistance at $3.50. First resistance for December corn is seen at $3.45 and then at $3.50. First support is seen at Friday’s low of $3.39 3/4 and then at $3.35 1/2.
4.31 ——– the contract high
3.62 3/4 — 10-day moving average
3.58 3/4 — 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 solidly lower, near the session low and closed at a bearish weekly low close. The bears have some fresh downside technical momentum and the bulls have faded, but no serious near-term chart damage has occurred. Bulls’ next upside price objective is to push and close prices above resistance at the contract high of $9.61 3/4 a bushel. The next downside price objective for the bears is pushing prices below support at $8.50 a bushel. First resistance is seen at $9.00 and then at Friday’s high of $9.10. First support lies at Friday’s low of $8.88 1/2 and then at $8.80.
9.61 3/4 — the contract high
9.15 1/4 — 10-day moving average
8.88 1/2 — 20-day moving average
8.16 ——– 40-day moving average
3.86 ——– the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed lower, near the session low and at a bearish weekly low close. The bears have some fresh confidence. Bulls’ next upside price objective is closing prices above resistance at the contract high of $9.50 1/2 a bushel. The bears’ next downside objective is pushing prices below solid support at $8.80. First resistance is seen at $9.00 and then at Friday’s high of $9.12. First support is seen at Friday’s low of $8.94 and then at $8.80.
9.50 1/2 — the contract high
9.09 ——– 10-day moving average
8.74 3/4 — 20-day moving average
7.91 1/4 — 40-day moving average
4.16 ——– the contract low
