Wednesday, April 06, 2011
Softs Market Commentary
May sugar closed down 49 points at 27.51 cents yesterday. Prices closed near the session low yesterday. Trading has been choppy recently. Bulls and bears are on a level near-term technical playing field. However, prices are still in a two-month-old downtrend on the daily bar chart. Bulls' next upside price breakout objective is to push and close prices above technical resistance at 28.20 cents. Bears' next downside price breakout objective is to push and close prices below solid technical support at last week's low of 26.28 cents. First resistance is seen at 28.00 cents and then at 28.20 cents. First support is seen a yesterday's low of 27.43 cents and then at 27.00 cents.
Wyckoff's Market Rating: 5.0
Source: VantagePoint Intermarket Analysis Software
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May coffee closed up 1,165 points at 267.70 cents. Prices closed near the session high yesterday and scored a bullish "outside day" up on the daily bar chart, after hitting a fresh seven-week low early on. Coffee bulls have the overall near-term technical advantage and regained some upside momentum yesterday. A four-week-old downtrend on the daily bar chart was negated yesterday. Bulls' next upside breakout objective is to close prices above solid technical resistance at 281.15 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at yesterday's low of 254.05 cents a pound. First resistance is seen at 270.00 and then at 272.50 cents. First support is seen at 265.00 cents and then at 262.50 cents.
Wyckoff's Market Rating: 6.5
May cocoa closed down $52 at $2,968 a ton. Prices closed near mid-range yesterday. Serious near-term chart damage has been inflicted recently. Prices are in a steep four-week-old downtrend on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $3,200. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $2,842. First resistance is seen at $3,000 and then at $3,050. First support is seen at $2,950 and then at last week's low of $2,925.
Wyckoff's Market Rating: 3.0.
May cotton closed up 551 points at 201.06 cents yesterday. Prices closed nearer the session high yesterday and scored a big and bullish "outside day" up on the daily bar chart.The bulls have the overall near-term technical advantage. Look for continued high volatility in the cotton market. The next downside price breakout objective for the cotton bears is to push prices below solid technical support at yesterday's low of 188.85 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 211.16 cents. First support is seen at 200.00 cents and then at 197.50 cents. First resistance is seen at yesterday's high of 202.55 cents and then at 205.00 cents.
Wyckoff's Market Rating: 7.5.
May orange juice closed up 55 points at $1.6575 yesterday. Prices closed near mid-range. A five-week-old downtrend on the daily bar chart has been negated. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above strong technical resistance at $1.7000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at last week's low of $1.5915. First resistance is seen at yesterday's high of $1.6650 and then at $1.6750. First support is seen at yesterday's low of $1.6480 and $1.6265.
Wyckoff's Market Rating: 5.0.
May lumber futures closed down $3.20 at $292.10 yesterday. Prices closed near mid-range and hit another fresh 3.5-month low yesterday. Bears have downside near-term technical momentum. Prices are in a three-month-old downtrend on the daily bar chart. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $285.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $305.00. First resistance is seen at yesterday's high of $295.20 and then at this week's high of $297.80. First support is seen at yesterday's low of $290.10 and then at $287.50.
Wyckoff's Market Rating: 3.5.
