Tuesday, September 02, 2014

"Risk-Off" Trader Attitudes HIt Softs Markets

Tuesday, October 23rd, 2012

SOFTS: March sugar closed down 36 points at 19.70 cents
today. Prices closed nearer the session low and hit a fresh
six-week low today. The key “outside markets” were fully
bearish for sugar today as the U.S. dollar index was higher
and crude oil prices were sharply lower. Sugar bears have
the solid near-term technical advantage. Bulls’ next upside
price breakout objective is to push and close prices above
solid technical resistance at 20.59 cents. Bears’ next
downside price breakout objective is to push and close
prices below solid technical support at the September low
of 19.48 cents. First resistance is seen at today’s high of
20.04 cents and then at 20.25 cents. First support is seen
at today’s low of 19.55 cents and then at 19.48 cents.
Wyckoff’s Market Rating: 1.5.

December coffee closed down 380 points at 160.70 cents.
Prices closed nearer the session low. The key “outside
markets were fully bearish for coffee today as the U.S.
dollar index was higher and crude oil prices were sharply
lower. Coffee bears have the solid near-term technical
advantage. However, it’s around present price levels that
recent downtrends have been halted. The next upside
breakout objective for the bulls is to close prices above
solid technical resistance at 170.00 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the September low
of 156.55 cents a pound. First resistance is seen at
today’s high of 164.10 cents and then at Monday’s high of
165.70 cents. First support is seen at 160.00 cents and
then at last week’s low of 157.15 cents. Wyckoff’s Market
Rating: 2.0

December cocoa closed down $36 at $2,480 a ton. Prices
closed nearer the session low today. The key “outside
markets were fully bearish for cocoa today as the U.S.
dollar index was higher and crude oil prices were sharply
lower. Cocoa bulls have the slight overall near-term
technical advantage. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at $2,595. The next
downside price breakout objective for the bears is pushing
and closing prices below solid technical support at the
October low of $2,338. First resistance is seen at $2,500
and then at this week’s high of $2,526. First support is
seen at this week’s low of $2,460 and then at $2,440.
Wyckoff’s Market Rating: 5.5

December cotton closed down 271 points at 74.22 cents
today. Prices closed nearer the session low on profit
taking and long liquidation. The key “outside markets” were
fully bearish for cotton today as the U.S. dollar index was
higher and crude oil prices were sharply lower. Bulls still
have the slight near-term technical advantage but did fade
today. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at last week’s high of 79.19 cents. The next
downside price breakout objective for the cotton bears is
to push and close prices below solid technical support at
72.00 cents. First resistance is seen at 75.00 cents and
then at 76.00 cents. First support is seen at today’s low
of 73.93 cents and then at 73.00 cents. Wyckoff’s Market
Rating: 5.5

November orange juice closed down 50 points at $1.1165
today. Prices closed near mid-range today. Bears have the
overall near-term technical advantage. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at the October
high of $1.1995. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at the October low of $1.0870.
First resistance is seen at today’s high of $1.1350 and
then at $1.1500. First support is seen at last week’s low
of $1.1055 and then at the October low of $1.0870.
Wyckoff’s Market Rating: 3.5.

November lumber futures closed up $1.50 at $298.70 today.
Prices Friday hit a two-month high. Bulls have the solid
near-term technical advantage. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $288.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the August high of $308.00. First resistance is seen at
$300.00 and then at $303.00. First support is seen at
$295.00 and then at $292.50. Wyckoff’s Market Rating: 7.0

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