by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed sharply lower, near the session low, at a bearish weekly low close and hit a fresh four-month low. Bearishly postured “outside markets”–lowercrude oil pricesand a stronger U.S. dollar–pressured beans again Friday. Bears have fresh downside technical momentum on their side. 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 the May low of $11.64 3/4. First resistance for November soybeans is seen at $12.00 and then at Friday’s high of $12.32. First support is seen at $11.64 3/4 and then at $11.50.
16.36 3/4 — the contract high
12.97 3/4 — 10-day moving average
12.77 3/4 — 20-day moving average
13.41 3/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
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. Bears have fresh downside technical momentum on their side. 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 the August low of $311.20. First resistance comes in at $330.00 and then at $335.00. First support is seen at Friday’s low of $322.50 and then at $320.00.
$431.90 — the contract high
$354.10 — 10-day moving average
$347.50 — 20-day moving average
$359.50 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December beanoil pricesFriday closed solidly lower, near the session low, closed at a bearish weekly low close and hit a fresh 8.5-month low amid lower crude oil prices. Bears have the solid downside near-term technical advantage and gained more power Friday. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 50.50 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 47.50 cents. First resistance is seen at Friday’s high of 50.16 cents and then at 50.50 cents. First support is seen at Friday’s low of 48.15 cents and then at 47.50 cents.
74.00 — the contract high
53.12 — 10-day moving average
52.93 — 20-day moving average
56.58 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed lower, near the session low, hit a fresh three-week low and closed at a bearish weekly low close. The bears have now gained solid downside technical momentum. Bearish “outside markets”–a firmer U.S. dollar and weaker crude oil prices–have pressured corn recently. 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 bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at $5.25. First resistance for December corn is seen at $5.50 and then at $5.55. First support is seen at Friday’s low of $5.42 1/2 and then at $5.35.
7.99 1/4 — the contract high
5.81 1/2 — 10-day moving average
5.71 3/4 — 20-day moving average
5.90 3/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed lower, near the session low, at a bearish weekly low close and hit a fresh nine-month low. The bears still have the solid technical advantage and gained more power Friday. Bearish “outside markets”–lower crude oil prices and a firmer U.S. dollar–have aided the wheat bears recently. The next downside price objective for the bears is pushing and closing prices below major psychological support at $7.00. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $7.98 1/2 a bushel, which would fill on the upside a downside price gap on the daily chart. First resistance is seen at $7.71 and then at Friday’s high of $7.76. First support lies at Friday’s low of $7.43 3/4 and then at $7.20.
12.84 1/4 — the contract high
8.11 3/4 — 10-day moving average
8.36 3/4 — 20-day moving average
8.29 1/2 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday gapped lower on the daily bar chart, closed lower, near mid-range, closed at a bearish weekly low close and hit a fresh nine-month low. Bears still have the near-term technical advantage and gained more power on Friday. The bulls’ next upside price objective is pushing prices above solid technical resistance at $8.14 a bushel, which would fill on the upside Friday’s downside price gap on the daily bar chart. 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 $8.00 and then at $8.14. First support is seen at Friday’s low of $7.88 and then at $7.50.
12.99 ——– the contract high
8.50 1/2 — 10-day moving average
8.71 3/4 — 20-day moving average
8.61 3/4 — 40-day moving average
4.88 ——– the contract low
