Chicago Board of Trade December corn prices Friday closed lower
and near the session low. Late last week's price action did
produce a buying "exhaustion tail" on the daily bar chart,
whereby the bulls became exhausted at higher price levels and
then prices backed well off the weekly high. Last week's high
of$3.72 is strong overhead resistance for the bulls to overcome.
The next downside price objective for the bears is to close
prices below solid support at $3.50. First resistance for
December corn is seen at Friday's high of $3.62 1/2 and then
at$3.65. First support is seen at Friday's low of $3.58 and then
at $3.55.
4.31 -------- the contract high
3.51 1/4 ---10-day moving average
3.48 1/2 ---- 20-day moving average
3.46 1/4 --- 40-day moving average
2.48 -------- the contract low
DECEMBER CBOT WHEAT
CBOT December wheat prices Friday closed at a fresh contract
high close. There are still no early technical clues of a market
top being close at hand. The bulls' next upside price objective
is to push and close prices above resistance at last week's
contract and all-time high of $7.54 a bushel. The next downside
price objective for the bears is closing prices below strong
psychological support at $7.00 a bushel. First resistance is
seen at Friday's high of $7.43 and then at $7.54. First support
lies at Friday's low of $7.34 and then at $7.24.
7.54 -------- the contract high
7.08 1/4 --- 10-day moving average
6.91 -------- 20-day moving average
6.60 3/4 --- 40-day moving average
3.86 -------- the contract low
December Kansas City wheat prices Friday closed
higher and near the session high and closed at a
fresh contract high close. Wheat bulls still
have the technical advantage amid no signs of a
market top. The all-time high in nearby HRW
wheat futures is$7.44. Bulls' next upside price
objective is closing prices above solid
resistance at last week's contract high of $7.00
a bushel. The bears' next downside
objective is closing prices below solid support
at $6.70 a bushel. First resistance is seen at
the contract high of $7.00 and then at $7.10.
First support is seen at Friday's low of $6.84
and then at $6.80.
7.00 -------- the contract high
6.76 1/4 --- 10-day moving average
6.67 3/4 --- 20-day moving average
6.44 1/2 ---- 40-day moving average
4.16 -------- the contract low
NOVEMBER SOYBEANS
November soybean prices Friday closed higher,
near the session high and closed at the weekly
high close, giving the bulls some better upside
technical momentum heading into the new trading
week. The next upside price objective for the
bulls is pushing prices above solid technical
resistance at $8.70. The next downside price
objective for the bears is closing prices below
solid support at $8.50. First resistance for
November soybeans is seen at last week's high of
$8.67 and then at $8.70. First support is seen
at $8.60 and then at Friday's low of $8.54.
9.49 1/2 --- the contract high
8.47 1/4 --- 10-day moving average
8.54 1/4 --- 20-day moving average
8.69 1/4 --- 40-day moving average
5.95 -------- the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Friday closed
higher, near the session high and closed at the
weekly high close, giving the bulls some better
upside technical momentum heading into the new
trading week. The next upside price objective
for the meal bulls is to close prices above
solid resistance at the August high of $245.30.
The next downside price objective for the bears
is closing prices below solid support at
$234.00. First resistance comes in at last
week's high of $242.50 and then at $245.30.
First support is seen at Friday's low of $237.40
and then at $235.00.
266.00 --- the contract high
234.30 --- 10-day moving average
232.60 --- 20-day moving average
236.50 --- 40-day moving average
172.00 --- the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed higher,
near the session high and closed at the weekly
high close, giving the bulls some better upside
technical momentum heading into the new trading
week. A potentially bearish pennant pattern that
had formed on the daily bar chart was negated
Friday. The next upside price objective for the
bulls is pushing prices above solid technical
resistance at 37.00 cents. Bears' next downside
price objective is pushing and closing prices
below solid support at 35.75 cents. First
resistance is seen at Friday's high of 36.69
cents and then at 37.00 cents. First support is
seen at 36.35 cents and then at Friday's low of
36.00 cents.
39.20 --- the contract high
36.14 --- 10-day moving average
37.11 --- 20-day moving average
37.67--- 40-day moving average
22.28 --- the contract low
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another.
Click here for full
bio >>
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