October sugar closed up 18 points at 12.45 cents yesterday. Prices closed near the session high and hit a fresh four-week high yesterday. More short covering and bargain- hunting buying were featured yesterday amid a weaker U.S. dollar that was a bullish "outside market. Bulls have gained upside near-term technical momentum recently. Bulls' next upside price objective is to push and close prices above solid technical resistance at 13.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at 11.50 cents. First resistance is seen at yesterday's high of 12.52 cents and then at 12.75 cents. First support is seen at yesterday's low of 12.19 cents and then at 12.00 cents.
Wyckoff's Market Rating: 5.0
SEPTEMBER COFFEE
September coffee closed up 300 points at 141.70 cents yesterday. Prices closed near the session high and closed at a fresh four-week high close yesterday. A weaker U.S. dollar yesterday supported coffee. Coffee futures prices are still trapped in a three-month-old sideways trading range, bound by the April high of 145.30 cents and the March low of 130.80 cents. The direction in which prices "break out" of the bigger 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 145.30 cents. The next downside price objective for the bears is closing prices below solid support at this week's low of 136.75 cents a pound. First support is seen at 140.00 cents and then at 138.00 cents. First resistance is seen at this week's high of 142.00 cents and then at the May high of 144.30 cents.
September cocoa closed down $8 at $3,022 yesterday. Prices closed nearer the session high yesterday and were pressured by mild profit taking from recent strong gains. Bulls still have the solid overall technical advantage amid no early technical clues that a market top is close at hand. The next upside price objective for the cocoa bulls is to push and close prices above resistance at $3,100. The next downside price objective for the bears is closing prices below solid technical support at $2,900. First resistance is seen at yesterday's and the contract high of $3,040 and then at $3,050. First support is seen at $3,000 and then at yesterday's low of $2,965.
Wyckoff's Market Rating: 8.5
DECEMBER COTTON
December cotton closed down 164 points at 80.60 cents yesterday. Prices closed near the session low after hitting a fresh two-month high yesterday. Profit taking from recent strong gains was seen yesterday and no technical damage was inflicted. However, strong follow-through selling pressure on Wednesday would inflict near-term chart damage. The next downside price objective for the bears is to produce a close below strong technical support at 79.00 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at yesterday's high of 84.04 cents. First resistance is seen at 81.00 cents and then at the May high of 81.44 cents. First support is seen at 80.00 cents and then at 79.00 cents.
Wyckoff's Market Rating: 5.5
SEPTEMBER ORANGE JUICE
September orange juice closed up 270 points at $1.1775. Prices closed nearer the session high yesterday. Short covering and bargain-hunting buying were featured yesterday. Bears still have the overall technical advantage. The next upside technical objective for the FCOJ bulls is to produce a close above chart resistance at the June high of $1.2100. The next downside price objective for the OJ bears is pushing and closing prices below solid support at this week's low of $1.1450. First resistance is seen at yesterday's high of $1.1950 and then at $1.2000. First support is seen at 1.1600 and then at $1.1500.
Wyckoff's Market Rating: 3.0
JULY LUMBER
July lumber futures closed down $0.60 at $244.50 yesterday. Prices closed near mid-range yesterday and did hit a fresh two- week high. Bears still have the near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid resistance at yesterday's high of $246.60. The next downside price objective for the bears is pushing and closing prices below solid support at last week's low of $239.10. First resistance is seen at $246.60 and then at $248.00. First support is seen at yesterday's low of $242.70 and then at this week's low of $241.60.
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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