Grain Market Analysis from Jim Wyckoff – 01/10/11
Monday, January 10th, 2011Technical Analysis: Soy Complex, Grain Futures
By Jim Wyckoff
MARCH SOYBEANS
March soybeans on Friday closed lower and nearer the session low and closed
at a bearish weekly low close. Soybean bulls still have the overall
near-term technical advantage at present, but have faded and need to show
some fresh power soon. Prices are still in a six-month-old uptrend on the
daily bar chart. The next near-term upside technical objective for the
soybean bulls is pushing and closing January prices above solid technical
resistance at the contract high of $14.09 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at $13.50. First resistance for November soybeans is seen at $13.75
and then at Friday’s high of $13.82 1/2. First support is seen at Friday’s
low of $13.60 1/4 and then at $13.50.
at a bearish weekly low close. Soybean bulls still have the overall
near-term technical advantage at present, but have faded and need to show
some fresh power soon. Prices are still in a six-month-old uptrend on the
daily bar chart. The next near-term upside technical objective for the
soybean bulls is pushing and closing January prices above solid technical
resistance at the contract high of $14.09 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at $13.50. First resistance for November soybeans is seen at $13.75
and then at Friday’s high of $13.82 1/2. First support is seen at Friday’s
low of $13.60 1/4 and then at $13.50.
$14.09 ——- the contract high
$13.81 1/4 — 10-day moving average
$13.49 3/4 — 20-day moving average
$13.09 ——- 40-day moving average
$8.22 ——– the contract low
$13.81 1/4 — 10-day moving average
$13.49 3/4 — 20-day moving average
$13.09 ——- 40-day moving average
$8.22 ——– the contract low
MARCH SOYBEAN MEAL
March soybean meal on Friday closed lower, near the session low and closed
at a bearish weekly low close. Soybean bulls still have the overall
near-term technical advantage, but have faded and need to show some fresh
power soon. Prices are still in a six-month-old uptrend on the daily bar
chart. The next upside price objective for the bulls is to produce a close
above solid technical resistance at last week’s contract high of $375.80.
The next downside price objective for the bears is pushing and closing
prices below solid technical support at $350.00. First resistance comes in
at $365.00 and then at $367.50. First support is seen at Friday’s low of
$361.50 and then at $360.00.
at a bearish weekly low close. Soybean bulls still have the overall
near-term technical advantage, but have faded and need to show some fresh
power soon. Prices are still in a six-month-old uptrend on the daily bar
chart. The next upside price objective for the bulls is to produce a close
above solid technical resistance at last week’s contract high of $375.80.
The next downside price objective for the bears is pushing and closing
prices below solid technical support at $350.00. First resistance comes in
at $365.00 and then at $367.50. First support is seen at Friday’s low of
$361.50 and then at $360.00.
$375.80 — contract high
$369.70 — 10-day moving average
$360.30 — 20-day moving average
$352.30 — 40-day moving average
$236.70 — the contract low
$369.70 — 10-day moving average
$360.30 — 20-day moving average
$352.30 — 40-day moving average
$236.70 — the contract low
MARCH SOYBEAN OIL
March bean oil on Friday closed lower, near the session low and closed at a
bearish weekly low close. Bean oil bulls still have the overall technical
advantage. The next upside price objective for the bean oil bulls is pushing
and closing prices above technical resistance at last week’s contract high
of 59.10 cents. Bean oil bears’ next downside technical price objective is
pushing and closing prices below solid technical support at 55.00 cents.
First resistance is seen at 57.00 cents and then at 57.25 cents. First
support is seen at Friday’s low of 56.67 cents and then at 56.50 cents.
bearish weekly low close. Bean oil bulls still have the overall technical
advantage. The next upside price objective for the bean oil bulls is pushing
and closing prices above technical resistance at last week’s contract high
of 59.10 cents. Bean oil bears’ next downside technical price objective is
pushing and closing prices below solid technical support at 55.00 cents.
First resistance is seen at 57.00 cents and then at 57.25 cents. First
support is seen at Friday’s low of 56.67 cents and then at 56.50 cents.
59.10 — the contract high
57.43 — 10-day moving average
56.49 — 20-day moving average
54.37 — 40-day moving average
31.80 — the contract low
57.43 — 10-day moving average
56.49 — 20-day moving average
54.37 — 40-day moving average
31.80 — the contract low
MARCH CORN
March corn futures on Friday closed lower, near the session low, closed at a
fresh three-week low close and closed at a bearish weekly low close. Bulls
faded last week and some near-term technical damage was inflicted. The corn
bulls still have the overall near-term technical advantage. Corn bulls’ next
upside price objective is to push and close prices above solid technical
resistance at last week’s contract high of $6.34 a bushel. The next downside
price objective for the bears is pushing and closing prices below solid
technical and psychological support at $5.80. First resistance for March
corn is seen at $6.00 and then at Friday’s high of $6.04 1/2. First support
is seen at $5.90 and then at $5.85.
fresh three-week low close and closed at a bearish weekly low close. Bulls
faded last week and some near-term technical damage was inflicted. The corn
bulls still have the overall near-term technical advantage. Corn bulls’ next
upside price objective is to push and close prices above solid technical
resistance at last week’s contract high of $6.34 a bushel. The next downside
price objective for the bears is pushing and closing prices below solid
technical and psychological support at $5.80. First resistance for March
corn is seen at $6.00 and then at Friday’s high of $6.04 1/2. First support
is seen at $5.90 and then at $5.85.
$6.34 ——– the contract high
$6.15 1/4 —- 10-day moving average
$6.04 3/4 —- 20-day moving average
$5.80 1/4 —- 40-day moving average
$3.56 3/4 —- the contract low
$6.15 1/4 —- 10-day moving average
$6.04 3/4 —- 20-day moving average
$5.80 1/4 —- 40-day moving average
$3.56 3/4 —- the contract low
MARCH CBOT WHEAT
March Chicago SRW wheat on Friday closed lower, near the session low and
closed at a bearish weekly low close. Wheat bulls still have the overall
near-term technical advantage, but have faded and need to show fresh power
soon. Bulls’ next upside price objective is to push and close Chicago SRW
prices above solid technical resistance at $8.00 a bushel. The next downside
price objective for the wheat futures bears is pushing and closing prices
below solid technical support at $7.50. First resistance is seen at $7.80
and then at $7.90. First support lies at $7.70 and then at this week’s low
of $7.66.
closed at a bearish weekly low close. Wheat bulls still have the overall
near-term technical advantage, but have faded and need to show fresh power
soon. Bulls’ next upside price objective is to push and close Chicago SRW
prices above solid technical resistance at $8.00 a bushel. The next downside
price objective for the wheat futures bears is pushing and closing prices
below solid technical support at $7.50. First resistance is seen at $7.80
and then at $7.90. First support lies at $7.70 and then at this week’s low
of $7.66.
$8.64 1/4 — the contract high
$7.92 1/4 — 10-day moving average
$7.80 3/4 — 20-day moving average1
$7.50 1/2 — 40-day moving average
$5.04 ——- the contract low
$7.92 1/4 — 10-day moving average
$7.80 3/4 — 20-day moving average1
$7.50 1/2 — 40-day moving average
$5.04 ——- the contract low
MARCH KCBT WHEAT
March K.C. HRW wheat on Friday closed lower, near the session low and closed
at a bearish weekly low close. HRW bulls still have the overall near
technical advantage. Bulls’ next upside price objective is pushing and
closing prices above solid technical resistance at the contract high of
$8.80. The bears’ next downside objective is pushing and closing prices
below solid technical support at $8.39 3/4. First resistance is seen at
$8.50 and then at Friday’s high of $8.63. First support is seen at $8.39 3/4
and then at $8.30.
at a bearish weekly low close. HRW bulls still have the overall near
technical advantage. Bulls’ next upside price objective is pushing and
closing prices above solid technical resistance at the contract high of
$8.80. The bears’ next downside objective is pushing and closing prices
below solid technical support at $8.39 3/4. First resistance is seen at
$8.50 and then at Friday’s high of $8.63. First support is seen at $8.39 3/4
and then at $8.30.
$8.80 ——- the contract high
$8.54 3/4 — 10-day moving average
$8.39 3/4 — 20-day moving average
$8.03 1/4 — 40-day moving average
$5.05 ——- the contract low
$8.54 3/4 — 10-day moving average
$8.39 3/4 — 20-day moving average
$8.03 1/4 — 40-day moving average
$5.05 ——- the contract low
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