July sugar closed down 21 points at 10.65 cents yesterday. Prices closed near mid-range and hit a fresh five- month low yesterday. Bears this week have gained fresh downside technical power. Sugar prices are still in an 11-week-old downtrend on the daily bar chart. Bears' next downside price objective is to push and close prices below solid technical support at yesterday's low of 10.51 cents. Bulls' next upside price objective is to push and close prices above solid technical resistance at this week's high of 11.33 cents. First resistance is seen at yesterday's high of 10.84 cents and then at 11.00 cents. First support is seen at yesterday's low of 10.51 cents and then at 10.25 cents.
Wyckoff's Market Rating: 2.5
JULY COFFEE
July coffee closed up 155 points at 136.75 cents yesterday. Prices closed nearer the session high on short covering and bargain-hunting buying yesterday. Trading continues in a choppy and sideways trading range, bound by the April high of 142.85 cents and the March low of 128.40 cents. The direction in which prices "break out" of the aforementioned trading range will very likely be the direction of the next significant price trend in this market. Coffee bulls' next upside price objective is closing prices above solid technical resistance at the May high of 140.00 cents. The next downside price objective for the bears is closing prices below solid support at 132.50 cents a pound. First support is seen at this week's low of 134.90 cents and then at 134.00 cents. First resistance is seen at 138.00 cents and then at 140.00 cents.
July cocoa closed down $23 at $2,588 yesterday. Prices closed nearer the session low yesterday and closed at the lowest closing level in five weeks. Bulls have faded this week. The next upside price objective for the bulls is to push and close prices above technical resistance at this week's high of $2,705. The next downside price objective for the bears is closing prices below solid support at the May low of $2,555. First resistance is seen at yesterday's high of $2,626 and then at $2,650. First support is seen at this week's low of $2,575 and then at $2,555.
Wyckoff's Market Rating: 5.0
JULY COTTON
July cotton closed down 109 points at 70.72 cents yesterday. Prices closed near the session low after hitting a fresh three-week high early on. Bears still have the near-term technical advantage. A 10-week-old downtrend is still in place on the daily bar chart. The next downside price objective for the bears is to produce a close below strong technical support at the May low of 68.52 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at yesterday's high of 72.69 cents. First resistance is seen at 71.00 cents and then at 71.50 cents. First support is seen at 70.50 cents and then at this week's low of 70.24 cents.
Wyckoff's Market Rating: 3.0
JULY ORANGE JUICE
July orange juice closed down 35 points at $1.0750. Prices closed near mid-range. Bears still have solid downside technical momentum. The next upside technical objective for the FCOJ bulls is to produce a close above chart resistance at $1.1780. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.0500. First resistance is seen at this week's high of $1.0980 and then at $1.1200. First support is seen at the contract low of $1.0660 and then at $1.0500.
Wyckoff's Market Rating: 1.0
JULY LUMBER
July lumber futures closed up $2.10 at $245.00 yesterday. Prices closed near the session high on short covering in a bear market. Bears still have downside technical momentum. A bearish symmetrical triangle pattern has formed on the daily bar chart. The next upside technical objective for the lumber bulls is pushing and closing prices above solid resistance at $250.00. The next downside price objective for the bears is pushing and closing prices below solid support at last week's low of $241.30. First resistance is seen at this week's high of $247.20 and then at $249.00. First support is seen at $243.50 and then at $241.30.
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 including commodity futures trading in Softs and Metals. Click here for full
bio >>
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