by Jim Wyckoff, Senior Analyst, TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed solidly higher, near mid-range and did produce a bullish weekly high close. A friendly USDA crop production reoprt and bullish “outside markets”–a weaker dollar and firmer crude oil prices–boosted soybeans Friday. However, prices are still in a nine-week-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at $12.50 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 $11.57. First resistance for November soybeans is seen at Friday’s high of $12.22 1/2 and then at $12.50. First support is seen at Friday’s low of $11.78 and then at last week’s low of $11.57.
16.36 3/4 — the contract high
12.23 1/2 — 10-day moving average
12.67 3/4 — 20-day moving average
12.97 1/2 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed higher and near mid-range and did produce a bullish weekly high close. Prices are still in a nine-week-old downtrend on the daily bar chart, however. The next upside price objective for the bulls is to produce a close above solid technical resistance at $350.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $320.00. First resistance comes in at $336.40 and then at $340.00. First support is seen at Friday’s low of $329.50 and then at $325.00.
$431.90 — the contract high
$337.70 — 10-day moving average
$346.90 — 20-day moving average
$349.70 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December beanoil pricesFriday closed firmer and nearer the session low. Bears still have the downside near-term technical advantage. A nine-week-old downtrend is in place on the daily bar chart. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 51.37 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 45.00 cents. First resistance is seen at Friday’s high of 49.20 cents and then at 50.00 cents. First support is seen at last week’s low of 47.50 cents and then at 47.00 cents.
74.00 — the contract high
49.94 — 10-day moving average
52.04 — 20-day moving average
54.48 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed up the 30-cent trading limit and closed at a bullish weekly high close in the wake of a friendly USDA crop report, short covering and amid bullish key “outside markets”–a weaker U.S. dollar and firmer crude oil prices. Good follow-through buying on Monday would provide the corn bulls with fresh upside near-term technical momentum. The bulls’ next upside price objective is to push and close prices above solid technical resistance at $5.80 3/4, which would fill on the upside a downside price gap on the daily chart. The next downside price objective for the bears is to push and close prices below solid technical support at last week’s low of $5.31.
First resistance for December corn is seen at $5.75 and then at $5.80 3/4. First support is seen at $5.60 and then at $5.50.
7.99 1/4 — the contract high
5.55 3/4 — 10-day moving average
5.73 ——– 20-day moving average
5.74 1/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed lower and nearer the session low, closed at a bearish weekly low close and closed at a fresh 9.5-month low close. The bears still have the solid technical advantage. A steep four-week-old downtrend is in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below psychological support at $7.00. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at the August low of $7.71 a bushel. First resistance is seen at $7.34 1/4 and then at Friday’s high of $7.43 3/4. First support lies at last week’s low of $7.14 and then at $7.00.
12.84 1/4 — the contract high
7.51 3/4 — 10-day moving average
8.09 1/2 — 20-day moving average
8.15 ——- 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed weaker, near the session low, at a bearish weekly low close and closed at a fresh 9.5-month low close. Bears still have the solid near-term technical advantage. A steep four-week-old downtrend is in place on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above psychological resistance at $8.00 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $7.50. First resistance is seen at Friday’s high of $7.78 and then at $7.82 1/2. First support is seen at last week’s low of $7.55 and then at $7.50.
12.99 ——– the contract high
7.92 3/4 — 10-day moving average
8.46 1/2 — 20-day moving average
8.48 3/4 — 40-day moving average
4.88 ——– the contract low
