November soybeans on Friday closed firmer, near mid-range and did close at a technically bullish weekly high close. The bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. The next upside technical objective for the bulls is pushing and closing November prices above major psychological resistance at $10.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at $9.50. First resistance for November soybeans is seen at Friday's high of $9.86 3/4 and then at the July high of $9.92 3/4. First support is seen at Wednesday's low of $9.75 3/4 and then at $9.69.
$15.55 1/2 -- the contract high
$9.72 1/2 --- 10-day moving average
$9.45 3/4 --- 20-day moving average
$9.29 3/4 --- 40-day moving average
$8.09 3/4 ---- the contract low
December soybean meal on Friday closed firmer and near mid-range. Bulls have the overall near-term technical advantage. A seven-week-old uptrend is in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at $275.00. The next upside price objective for the bulls is to produce a close above solid technical resistance at the July high of $292.20. First resistance comes in at Friday's high of $285.70 and then at $290.00. First support is seen at Friday's low of $281.40 and then at $280.00.
$383.00 --- contract high
$283.20 --- 10-day moving average
$275.10 --- 20-day moving average
$265.90 --- 40-day moving average
$236.70 --- the contract low
December soybean oil on Friday closed firmer, near mid-range and closed at a bullish weekly high close. The bean oil bulls have some upside technical momentum. Prices are in a three-week-old uptrend on the daily bar chart. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at last week's low of 38.53 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the April high of 41.75 cents. First resistance is seen at last week's high of 40.03 cents and then at 40.25 cents. First support is seen at Friday's low of 39.50 cents and then at 39.25 cents.
70.00 --- the contract high
39.09 --- 10-day moving average
38.23 --- 20-day moving average
38.36 --- 40-day moving average
38.18 --- the contract low
December corn on Friday closed lower, nearer the session low, hit a fresh two-week low and closed at a bearish weekly low close. The bulls are fading and need to show fresh power soon. Corn bulls' next upside price objective is to push and close prices above major psychological resistance at $4.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid chart support at $3.78 1/2. First resistance for December corn is seen at $3.90 and then at Friday's high of $3.93 1/2. First support is seen at Friday's low of $3.83 1/4 and then at $3.80.
$7.05 -------- the contract high
$3.93 3/4----- 10-day moving average
$3.84 3/4 ---- 20-day moving average
$3.77 3/4 ---- 40-day moving average
$3.77 3/4 ---- the contract low
December Chicago wheat on Friday closed slightly lower and nearer the session low. Prices are in a steep six-week-old uptrend on the daily bar chart and bulls have the firm near-term technical advantage. Bulls' next upside price objective is to push and close prices above solid technical resistance at $6.50 a bushel. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at $5.80. First resistance is seen at Friday's high of $6.34 and then at last week's high of $6.40. First support lies at $6.20 and then at $6.10.
$10.38 1/4 --- the contract high
$6.06 1/2 ---- 10-day moving average
$5.66 3/4 ---- 20-day moving average1
$5.31 1/4 ---- 40-day moving average
$4.72 3/4 ---- the contract low
December KCBT wheat on Friday closed firmer, near mid-range, closed at a fresh 7.5-month high and closed at a bullish weekly high close. Bulls have the firm near-term technical advantage. Bulls' next upside price objective is pushing prices above solid technical resistance at $6.50. The bears' next downside objective is pushing and closing prices below solid technical support at last week's low of $5.89 1/2. First resistance is seen at last week's high of $6.39 1/4 and then at $6.50. First support is seen at $6.25 and then at $6.13.
$10.35 ------ the contract high
$6.08 1/4 --- 10-day moving average
$5.71 ------- 20-day moving average
$5.40 ------- 40-day moving average
$4.85 3/4 --- the contract low
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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides.
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.
Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.
His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.
Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.
When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.