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.
The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week’s rally, April’s high crossing at 959.50 is the next upside target. Multiple closes below the 10-day moving average crossing at 913.50 would temper the near-term friendly outlook in the market.
Prices closed nearer the session high and hit a fresh 2.5-month high yesterday on more speculative and fund buying amid higher crude oil prices that are back near a record high. A weaker U.S. dollar also aided sugar bulls yesterday yesterday. Bulls have the near-term technical advantage and gained more power yesterday. Bulls' next upside price objective is to push and close prices above solid technical resistance at the April high of 14.17 cents.
Prices closed nearer the session low yesterday. Profit taking from recent gains was featured yesterday. Prices did hit a fresh two-weeek low. No chart damage occurred yesterday. The bulls still have the near-term technical advantage, amid no solid early clues of a market top being close at hand. The bulls' next upside price objective is to push and close prices above solid resistance at the contract high of $106.12.
Traders are anxiously awaiting next Monday morning's USDA planted acres report, especially after recent heavy flooding in the Corn Belt. Corn bulls have the solid near-term technical advantage amid no significant technical clues that a market top is close at hand. The bulls' next upside price objective is to push and close prices above major psychological resistance at $8.00.
Prices closed near the session high and closed at fresh contract and record high close. A weaker U.S. dollar yesterday propelled the crude oil bulls. Prices have been trading sideways at higher levels for three weeks. This sideways trading range does favor the bullish camp. And, prices are now on the verge of producing a bullish upside "breakout" from this trading range. The next upside price objective for the crude oil bulls is to produce a close psychological resistance at $150.00.
Prices closed near mid-range yesterday. A firmer U.S. dollar and sharply lower crude oil prices pressured gold yesterday. A three-month-old downtrend is still in place on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at the June low of $859.60. Gold bulls' next upside price objective is to produce a close above solid technical resistance at the June high of $912.50.
Prices closed nearer the session low again yesterday on more profit taking. Weaker crude oil prices did limit buying interest in sugar yesterday. Sugar bulls are fading and need to show power soon. Bulls' next upside price objective is to push and close prices above solid technical resistance at this week's high of 13.28 cents. Bears' next downside price objective is to push and close prices below solid technical support at 12.50 cents.
Prices closed nearer the session low yesterday in quieter trading after big gains to a fresh contract high on Friday. Mild profit taking from recent gains was featured yesterday. The bulls still have the solid near-term technical advantage, amid no solid early clues of a market top being close at hand. The bulls' next upside price objective is to push and close prices above solid resistance at the contract high of $106.12.
Profit-taking was featured and no chart damage occurred. Bulls are still in technical command of soybeans with still no signs of a market top being close at hand. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the contract high of $15.66 3/4 a bushel.
Prices closed near the session low and scored a bearish "outside day" down on the daily bar chart yesterday. A report that China has raised its government-controlled fuel prices by around 17% sunk the crude market yesterday. Recent price action has shown a marked increase in intra- day price volatility. That is a warning signal of a very mature market that could be close to a top.
Prices closed near the session high yesterday. A weaker U.S. dollar and higher crude oil prices supported gold again yesterday. Bulls and bears are back on a level near-term technical playing field. A three-month-old downtrend is still in place on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at last week's low of $859.60.
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.
Prices closed nearer the session high yesterday and hit a fresh contract high. Fund buying amid bullish fundamentals and technicals boosted the cattle market yesterday. The bulls still have the solid near-term technical advantage, amid no solid early clues of a market top being close at hand. However, the market is presently short-term overbought, technically, and due for a downside technical correction very soon.
Bulls have solid upside near-term technical momentum on their side. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the contract high of $15.95 3/4 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $15.00.
Prices closed nearer the session high again yesterday amid highly volatile trading. Recent price action has shown a marked increase in intra-day price volatility. That is a warning signal of a very mature market that could be close to a top. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at the contract high of $139.12.
Prices closed nearer the session high on short covering amid a weaker dollar and higher crude oil prices today. The bulls are still in some near-term technical trouble. A three-month-old downtrend is still in place on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at this week's low of $866.70.
Prices closed nearer the session high on more tepid short covering in a bear market yesterday. Bearish "outside markets"--lower crude and a stronger U.S. dollar--limited the upside in sugar yesterday. Sugar bears still have the technical advantage amid still no strong technical clues of a market low being in place. Sugar prices are in a 13-week- old downtrend on the daily bar chart.
Prices gapped lower on the daily bar chart and closed near the session low. Profit-taking was featured yesterday amid some worries about cash market fundamentals. No serious chart damage occurred yesterday but solid follow- through selling pressure on Tuesday would produce some near-term technical damage to begin to suggest that a market top is in place.
Prices did hit a fresh three-month high and close at a bullish weekly high close. Bulls have gained solid upside near-term technical momentum recently and are looking for more on the upside in the near term. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $15.00 a bushel.
Prices closed near the session low high after hitting a fresh three-week low early on yesterday. yesterday's gains were the biggest one-day gain ever in the crude oil market. Prices scored a big and bullish "outside day" up on the daily bar chart yesterday. A weaker U.S. dollar was bullish for crude yesterday. It seems that in this market, just when the bears are poised to take near-term technical control of the market, the bulls come charging back hard.
Prices closed nearer the session low yesterday amid more gains in the U.S. dollar and more losses in the crude oil market. The bulls are in near-term technical trouble. A 2.5-month-old downtrend is in place on the daily bar chart. Bears' next downside price objective is closing prices below solid technical support at last week's low of $873.00.
Prices closed near the session low and hit a fresh seven-month low today. Bearish "outside markets"--sharply lower crude and gold and a stronger U.S. dollar--sunk the sugar market today. Bears still have the technical advantage and gained more power today amid no strong technical clues of a market low being in place. Sugar prices are still in a three-month-old downtrend on the daily bar chart.
Prices closed near mid-range and were pressured on profit taking from recent gains. No chart damage occurred today. A bull flag has formed on the daily bar chart. Bulls still have the solid near-term technical advantage amid no early technical warning signals that a market top is close at hand. Bulls' next upside price objective is to push and close prices above solid resistance at the week's contract high of $102.12.
Trading has turned very choppy. Prices are still trapped in a six-week-old sideways trading range between the April high of $14.15 and the May low of $12.44. The direction in which prices break out of this trading range is likely to be the next significant trend in prices. The next downside price objective for the bears is pushing and closing prices below psychological support at $13.00.
Prices closed near the session low yesterday. No chart damage occurred yesterday, but strong follow-through selling pressure on Friday and a bearish weekly low close would begin to produce some near-term chart damage. Remember that two very strong down days in a row in crude oil would be a very early clue of at least a near-term market top being in place.
Prices closed near the session low. Short covering in a bear market was featured yesterday. Bears still have solid downside technical power, amid no strong technical clues of a market low being in place. Sugar prices are still in a three-month-old downtrend on the daily bar chart. Bears' next downside price objective is to push and close prices below strong technical support at 9.50 cents.
Prices closed nearer the session high and hit a fresh contract high on fund buying and recent good demand for boxed beef. Bulls still have the overall near-term technical advantage and gained more momentum yesterday. There are no early warning signals that a market top is close at hand, but the market is short-term overbought, technically, and due for a corrective pullback soon.
Prices also filled on the upside a downside price gap on the daily bar chart that was created in mid-May. Prices are still trapped in a sideways trading range between the April high of $14.15 and the May low of $12.44. The direction in which prices break out of this trading range is likely to be the next significant trend in prices.
Prices closed near the session low after hitting another record all-time high of $135.09 early on yesterday. Profit-taking pressure was featured yesterday, amid a stronger U.S. dollar. While the crude bulls still have the strong overall near-term technical advantage, the market feels "toppy" to me. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at $135.09.
Prices closed near the session high yesterday and hit another fresh four-week high. Gains in gold were again supported by a solidly lower U.S. dollar yesterday and record high crude oil prices. A three-week-old uptrend is in place from the May low. Bulls have fresh upside near-term technical momentum and gained more power yesterday.
Prices closed near mid-range and hit a fresh five- month low yesterday. Bears this week have gained fresh downside technical power. Sugar prices are still in an 11-week-old downtrend on the daily bar chart. Bears' next downside price objective is to push and close prices below solid technical support at yesterday's low of 10.51 cents.
Prices gapped lower on the daily bar chart, hit a fresh two-week low and closed near the session low. Traders ignored Friday afternoon's bullish USDA cattle on feed report, amid fresh speculative and fund selling pressure yesterday. Losses were limited yesterday on firmer boxed beef prices yesterday.
Prices are trading in the upper boundary of a big sideways trading range between the April high of $14.15 and the May low of $12.44. The direction in which prices break out of this trading range is likely to be the next significant trend in prices. The next downside price objective for the bears is pushing and closing prices below solid technical support at $13.50.
Prices closed near mid-range in volatile trading. The bulls still have the strong overall near-term technical, but the market is due for a decent corrective pullback soon. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at the contract high of $126.98. The next downside price objective for the bears is producing a close below solid technical support at yesterday's low of $120.75 a barrel.
Prices closed near mid-range yesterday. Bulls have the slight near-term technical advantage in gold. A two-month- old downtrend is still in place on the daily bar chart. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $900.00. Bears' next downside price objective is closing prices below solid technical support at the May low of $846.40.
Prices closed near the session low and closed at a fresh five-month low close yesterday, amid a firmer U.S. dollar and a sell off in gold. Sugar prices are still in a 10- week-old downtrend on the daily bar chart and yesterday's price action produced a bearish downside "breakout" from a bearish symmetrical triangle pattern on the daily bar chart.
Prices closed nearer the session high and were hit by mild profit taking yesterday after scoring a fresh contract high on Friday. Bulls still have the solid near- term technical advantage in August cattle as prices have seen an upside "breakout" from a bullish pennant pattern on the daily bar chart. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the February high of $98.65.
hit a fresh three-week high, closed nearer the session high and closed at a bullish weekly high close. Bulls gained fresh upside technical momentum on Friday as prices pushed above key moving averages. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the April high of $14.15 a bushel.
Prices closed near the session high yesterday and hit another fresh contract and all-time high of $124.40. This week's price action is an early clue of a "blow-off top" developing in crude oil. Bulls still have momentum and power and would-be top pickers do not want to stand in front of a steaming locomotive. The market is still short- term technically oversold and due for at least a downside correction soon.
Prices closed nearer the session low yesterday amid a stronger U.S. dollar. Gold bulls got no support from record-high crude oil prices yesterday as gold and crude seem to be de-coupling after many months of a strong bond. Chart damage has been inflicted in gold recently and a seven- week-old downtrend is still in place on the daily bar chart. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $900.00.
Prices closed near the session high on short covering in a bear market and on bullish "outside markets" yesterday--higher gold and crude oil prices and a weaker U.S. dollar. Sugar prices are still in a two-month-old downtrend on the daily bar chart. Bears' next downside price objective is to push and close prices below solid technical support at last week's low of 11.12 cents.
Prices hit a fresh three-week low and closed near the session low yesterday. Near-term chart damage has been inflicted recently, including more yesterday. A bearish broadening pattern has formed on the daily bar chart the past three weeks. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $90.50.
Prices closed nearer the session low today, scored a bearish "outside day" down on the daily bar chart and hit a fresh four-month low today. A very strong U.S. dollar today hit the gold market hard. Gold will continue to closely track the greenback in an inverse fashion. Chart damage has been inflicted in gold recently, including more today, as a six-week-old downtrend is still in place on the daily bar chart.
Prices closed nearer the session low today, scored a bearish "outside day" down on the daily bar chart and hit a fresh four-month low today. A very strong U.S. dollar today hit the gold market hard. Gold will continue to closely track the greenback in an inverse fashion. Chart damage has been inflicted in gold recently, including more today, as a six-week-old downtrend is still in place on the daily bar chart.
July sugar closed up 5 points at 11.92 cents yesterday. Prices closed near mid-range on short covering. The market yesterday hit another fresh four-week low. Prices are still in a two-month-old downtrend on the daily bar chart. Bears have the slight near-term technical advantage and their next downside price objective is to push and close prices below solid technical support at the March low of 11.60 cents.
July soybeans closed down 3 cents at $12.94 1/2 yesterday. Prices closed nearer the session high yesterday. Buying interest was limited amid bearish "outside markets" and ideas of more soybean acres being planted in place of corn. Near-term chart damage has been inflicted this week. The next downside price objective for the bears is pushing and closing prices below solid techncial support at $12.50.
June live cattle closed up $0.35 at $93.72 yesterday. Prices closed nearer the session high and hit a fresh seven-week high yesterday. Bulls have the near-term technical advantage and gained more strength yesterday. A four- week-old uptrend is still in place on the daily bar chart. The next downside technical objective for the bears is pushing prices below solid technical support at last week's low of $91.60.
July soybean prices Friday closed lower and nearer the session low. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $13.07. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $14.00 a bushel. First resistance for July soybeans is seen at $13.50 and then at Friday's high of $13.72. First support is seen at Friday's low of 13.35 and then at $13.22.
June crude oil closed down $2.24 at $116.06 a barrel yesterday. Prices closed near mid-range yesterday and were pressured by a much stronger U.S. dollar and lower gold prices. No chart damage occurred by strong follow-through selling pressure and a bearish weekly low close on Friday would provide the bears with some fresh downside technical momentum. Crude bulls still have the solid near-term technical advantage.
June gold futures closed down $16.20 at $909.00 yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low. Bulls faded yesterday, amid a stronger U.S. dollar. Gold will continue to closely track the greenback in an inverse fashion. Gold bulls' next upside price objective is to produce a close above solid technical resistance at this week's high of $931.90.
July sugar closed up 33 points at 12.92 cents yesterday. Prices closed near the session high yesterday on short covering from big losses Monday and on bullish "outside markets"--higher gold and crude oil prices and a weaker U.S. dollar. Bears' next downside price objective is to push and close prices below solid technical support at yesterday's low of 12.50 cents.
June live cattle closed down $0.37 at $91.95 yesterday. Prices closed nearer the session low on profit- taking pressure from recent gains. Selling pressure was limited yesterday in the wake of a bullish USDA cattle on feed report Friday afternoon and stronger boxed beef prices yesterday. Bulls still have some upside technical momentum as a four-week-old uptrend is in place on the daily bar chart.
July soybean prices Friday closed higher and near the session high. Bulls still have the near-term technical advantage. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at last week's high of $14.15 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at Friday's (last week's) low of $13.32. First resistance for July soybeans is seen at Friday's high of $13.80 and then at $14.00.
May crude oil closed down $0.07 at $114.86 a barrel yesterday. Prices closed near mid-range and hit another fresh contract and all-time high. Not much new. Crude bulls still have the solid near-term technical advantage. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at $120.00. The next downside price objective for the bears is producing a close below solid technical support at $110.00 a barrel. First resistance is seen at yesterday's contract high of $115.54 and then at $116.00.
June gold futures closed up $16.40 at $948.40 yesterday. Prices closed near the session high and hit a fresh three-week high yesterday, amid a sharply lower valued U.S. dollar yesterday, and another record-high set in crude oil futures prices. Gold will continue to closely track the greenback in an inverse fashion. A four-week-old downtrend on the daily bar chart was negated yesterday and the bulls have gained fresh upside technical momentum recently.
July sugar closed up 32 points at 13.33 cents yesterday. Prices closed nearer the session high and hit a fresh four-week high close yesterday. Bulls have gained fresh upside technical momentum recently and prices are in an uptrend from the March low. Stronger "outside market" crude oil also boosted sugar yesterday. Bulls' next upside price objective is to push and close prices above solid technical resistance at 13.50 cents.
June live cattle closed up $0.37 at $91.15 yesterday. Prices closed near the session high and closed at a fresh three-week high close yesterday amid strong recent gains in boxed beef prices, amid good demand. More short covering was seen yesterday. Bulls have gained some fresh upside technical momentum recently and are confident that a near- term market low is in place. The next downside technical objective for the bears is closing prices below solid technical support at $88.50.
July soybean prices Friday closed lower and near the session low. Lower "outside markets" gold and crude oil, and a firmer U.S. dollar, pressured the soy complex. Still, the bulls had the better week last week and still have some upside near-term technical momentum on their side. The next upside price objective for the bean bulls is to push and close prices above psychological resistance at $14.00 a bushel.
May crude oil closed down $0.76 at $110.11 a barrel yesterday. Prices closed near mid-range yesterday. Crude bulls still have the solid near-term technical advantage. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at the contract high of $112.21. The next downside price objective for the bears is producing a close below solid technical support at $106.00 a barrel.
June gold futures closed up $19.50 at $937.50 yesterday. Prices closed nearer the session high yesterday, hit a fresh two-week high and scored a bullish "outside day" up on the daily bar chart yesterday. Record high crude oil prices yesterday and a sharply lower dollar boosted gold. Gold will continue to track the greenback in an inverse fashion. Gold prices are still in a three-week-old downtrend on the daily bar chart.
May sugar closed down 23 points at 11.89 cents yesterday. Prices closed near the session low. A bearish descending triangle pattern has formed on the daily bar chart. Bulls' next upside price objective is to push and close prices above solid technical resistance at 12.55 cents. Bears' next downside price objective is to push and close prices below solid technical support at the March low of 11.25 cents.
June live cattle closed up $0.35 at $89.55 yesterday in quieter trading. Prices closed near the session high and scored a mildly bullish "outside day" up on the daily bar chart, on short covering in a bear market. Bears still have the solid near-term technical advantage. However, a strong up day on Tuesday or Wednesday would provide the bulls with some confidence that a near-term market low is in place.
May crude oil closed down $1.00 at $103.83 a barrel yesterday. Prices closed nearer the session low yesterday. A bearish descending triangle pattern has formed on the daily bar chart. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at $108.22. The next downside price objective for the bears is producing a close below major psychological support at $100.00 a barrel. First resistance is seen at $105.00 and then at $106.00. First support is seen at $104.00 and then at yesterday's low of $103.21.
June gold futures closed up $12.40 at $900.20 yesterday. Prices closed nearer the session high yesterday on short covering after big losses Tuesday and amid a weaker U.S. dollar yesterday. Still, serious near-term chart damage has been inflicted recently to suggest a near-term market top is in place. Gold bulls' next upside price objective is to produce a close above solid technical resistance at $920.00.
May sugar closed down 25 points at 11.44 cents yesterday. Prices closed nearer the session low yesterday and closed at a fresh three-month low close yesterday. A bearish pennant pattern has formed on the daily bar chart and yesterday's price action could be the beginning of a downside breakout from that pattern. Serious near-term technical damage has been inflicted recently. A four-week-old downtrend is in place on the daily bar chart.
June live cattle closed down $1.25 at $87.75 yesterday. Prices did rebound off the close to close near the session high but did still hit a fresh contract low and close at a bearish monthly and quarterly low close yesterday. Yesterday's high-range close does give the bulls some hope that bears have become exhausted after the recent steep sell off. The next downside technical objective for the bears is closing prices below solid support at yesterday's contract low of $86.65.
July soybean prices Friday gapped sharply lower on the daily bar chart and closed nearer the session low. Serious near-term chart damage had been inflicted the past few weeks and Friday's price action did more near-term technical damage to confirm that a four-week-old downtrend is in place on the daily bar chart. Technical odds still suggest a near-term market top is in place.The next upside price objective for the bean bulls is to push prices above solid technical resistance at $13.39 1/4 a bushel, which would fill on the upside Friday's big downside price gap on the daily bar chart.
May crude oil closed up $1.65 at $107.55 a barrel yesterday. Prices closed nearer the session high yesterday amid underlying geopolitical fundamentals that support the market. However, crude oil bulls are relying upon the renewed slump in the value of the U.S. dollar to continue. If the dollar rebounds then crude oil bulls are likely in trouble. The next upside price objective for the bulls is to produce a close above resistance at the contract high of $110.35.
June gold futures closed up $15.30 at $955.00 yesterday. Prices closed near the session high
and were supported by more short covering and fresh
speculative buying amid a sharply lower U.S. dollar
again today. Bulls are regaining some technical
momentum but need to do more work in the near term
to repair last week’s serious chart damage. Gold
bulls' next upside price objective is to produce a
close above solid resistance at $965.00.
May sugar closed up 36 points at 12.28 cents yesterday. Prices closed near mid-range and were supported on more short covering and bargain-hunting buying in a bear market. A weaker U.S. dollar yesterday also prompted fresh buying interest in sugar. Bears still have the near-term technical advantage and their next downside price objective is to push and close prices below solid support at last week’s low of 11.25 cents. Bulls' next upside price objective is to push and close prices above solid chart resistance at 12.77 cents.
June live cattle closed down $0.51 at 90.82 yesterday. Prices closed nearer the session low in quieter trading. The bears still have the solid near-term technical advantage. The next downside technical objective for the bears is closing prices below solid support at last week’s low of $89.80. Bulls' next upside price objective is to close prices above solid chart resistance at last week’s high of $91.75.
May Crude oil closed down $0.81 at $101.69 a barrel on Thursday. Prices closed nearer the
session high and did hit a fresh three-week low and
close at a bearish weekly low close. No serious
chart damage occurred last week but the bulls have
faded badly. The recent big increase in volatility
is one warning signal of a topping process. The
next upside price objective for the bulls is to
produce a close above resistance at $104.00.
April gold futures closed down $61.90 at $942.40 yesterday. Prices closed nearer the session low yesterday and hit a fresh three-week low amid a rebound in the U.S. dollar and a big sell off in crude and other commodity markets. Some near-term chart damage occurred yesterday, and more serious near-term chart damage would be inflicted with strong follow-through selling and a bearish weekly low close on Thursday. The bulls are fading. Gold bulls' next upside price objective is to produce a close above resistance at $960.00.
May sugar closed up 35 points at 12.44 cents yesterday. Prices closed near the session high on
short covering and some bargain-hunting buying.
Serious near-term technical damage has been
inflicted recently. Bears still have the near-term
technical advantage and their next downside price
objective is to push and close prices below solid
support at this week’s low of 11.83 cents.
June live cattle closed down $1.00 at 89.95 yesterday. Prices closed nearer the session low yesterday and hit another fresh 12.5-month low. Serious chart damage has occurred recently, including more yesterday. However, the market is now well oversold, technically, and due for a corrective upside bounce very soon. The next downside technical objective for the bears is closing prices below solid support at $88.00. Bulls' next upside price objective is to close prices above solid chart resistance at $91.50.
July soybean prices Friday closed locked down the limit of 50 cents a bushel, hit a fresh four-week low and closed at a bearish weekly low close. Price action also could have been the beginning of a downside breakout from a bearish pennant pattern on the daily bar chart. Serious near-term chart damage has been inflicted recently, including more on Friday.
April crude oil closed up $0.41 at $110.33 a barrel yesterday. Prices closed nearer the session high yesterday and scored another fresh contract and all-time high of $111.00 a barrel yesterday. A still sharply lower U.S. dollar boosted the crude oil bulls again yesterday. This market has a lot of "froth" in it, at present, and a sizeable downside profit-taking correction soon would not be surprising at all. The next upside price objective for the bulls is to produce a close above resistance at $112.50.
April gold futures closed up $4.50 at $980.50 yesterday. Prices closed near the session high yesterday, amid a sharply lower U.S. dollar and another record high hit in crude oil yesterday. The gold bulls still have the solid near- term technical advantage, amid no strong technical clues that a market top is close at hand.
May coffee closed higher due to short covering on Tuesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. However, stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, the 50% retracement level of the May-February rally crossing at 14.452 is the next downside target. Closes above the 10-day moving average crossing at 16.048 would confirm that a short-term low has been posted.
June live cattle closed down $0.50 at $91.50 yesterday. Prices again closed nearer the session low and hit a fresh 52-week low yesterday. Prices sunk yesterday after cash cattle trading took place last Friday at $3.00 lower than the previous week's cash trade. Serious chart damage has occurred recently, including more yesterday. However, the market is way oversold on a short-term technical basis and due for at least a corrective bounce very soon. Bulls' next upside price objective is to close prices above solid chart resistance at $92.60.
July soybean prices Friday gapped sharply lower on the daily bar chart, hit a fresh three-week low, closed limit down and closed at a bearish weekly low close. Prices were also limit down in overnight electronic trading. Serious near-term chart damage has been inflicted. Bulls have faded badly and the bears have fresh downside technical momentum. Bulls need to show solid power quickly or the bullish dominos could start to fall quickly. The next upside price objective for the bean bulls is to push pr
