by Jim Wyckoff, Senior Analyst TraderPlanet.com


NOVEMBER SOYBEAN

November soybean prices Friday closed higher and nearer the session high on short covering in a market that is still in a downtrend from the early July contract high. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the August low of $11.68 a bushel. The next downside price objective for the bears is pushing and closing prices below major psychological support at $11.00. First resistance for November soybeans is seen at Friday’s high of $11.57 3/4 and then at $11.68. First support is seen at $11.25 and then at Friday’s low of $11.17.

16.36 3/4 — the contract high
11.65 ——– 10-day moving average
12.31 1/2 — 20-day moving average
12.64 1/2 — 40-day moving average
5.98 ——– the contract low

DECEMBER SOYMEAL


December soymeal prices Friday closed firmer and nearer the session low on short covering in a bear market. Prices are still in a two-month-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at $330.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the August low of $311.20. First resistance comes in at Friday’s high of $320.40 and then at $322.50. First support is seen at Friday’s low of $314.30 and then at last week’s low of $311.70.

$431.90 — the contract high
$326.00 — 10-day moving average
$340.10 — 20-day moving average
$344.20 — 40-day moving average
$172.20 — the contract low

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Source: VantagePoint Intermarket Analysis Software

DECEMBER BEAN OIL


December bean oil prices Friday closed solidly higher and near the session high. More short covering in a bear market was featured amid a big rally in crude oil prices Friday. Bean oil bears still have the downside near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance 50.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at last week’s low of 43.52 cents. First resistance is seen at 48.00 cents and then at 49.00 cents. First support is seen at 47.00 cents and then at 46.00 cents.

74.00 — the contract high
46.93 — 10-day moving average
50.03 — 20-day moving average
52.50 — 40-day moving average
23.28 — the contract low

DECEMBER CORN


December corn prices Friday closed higher and nearer the session high on short covering. Prices are still in a four-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is to push and close prices above resistance at $5.60. The next downside price objective for the bears is to push and close prices below major psychological support at $5.00. First resistance for December corn is seen at Friday’s high of $5.48 and then at $5.50. First support is seen at Friday’s low of $5.27 1/4 and then at last week’s low of $5.24.

7.99 1/4 — the contract high
5.44 1/2 — 10-day moving average
5.62 3/4 — 20-day moving average
5.66 3/4 — 40-day moving average
2.59 ——– the contract low

DECEMBER CHICAGO WHEAT


December Chicago wheat prices Friday closed higher and nearer the session high on short covering. The wheat bears still have the near-term technical advantage. Prices are still in a four-week-old downtrend on the daily bar chart. Traders will continue to focus on the key “outside markets.” The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $6.86 1/4. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $7.50 a bushel. First resistance is seen at Friday’s high of $7.22 1/2 and then at last week’s high of $7.39 1/2. First support lies at $7.14 and then at $7.00.

12.84 1/4 — the contract high
7.19 3/4 — 10-day moving average
7.65 3/4 — 20-day moving average
8.01 3/4 — 40-day moving average
4.00 1/2 — the contract low

DECEMBER KANSAS CITY WHEAT


December Kansas City wheat prices Friday closed higher and near the session high. Short covering was featured. Bears still have the near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $7.78 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $7.30. First resistance is seen at Friday’s high of $7.59 1/2 and then at $7.63. First support is seen at $7.50 and then at Friday’s low of $7.40.

12.99 ——– the contract high
7.59 1/2 — 10-day moving average
8.05 ——– 20-day moving average
8.36 3/4 — 40-day moving average
4.88 ——– the contract low