December corn futures closed up 7 1/4 cents at $3.89 1/2 yesterday. Prices closed nearer the session high yesterday. The bulls have regained upside technical momentum this week to suggest the uptrend can be restarted. 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 to push and close prices below solid technical support at this week's low of $3.59 1/4 a bushel. First resistance for December corn is seen at yesterday's high of $3.96 1/2 and then at $4.00. First support is seen at $3.84 and then at $3.80.
Wyckoff's Market Rating: 6.5
January soybeans closed up 14 cents at $10.12 a bushel yesterday. Prices closed nearer the session high again yesterday. The bean market bulls this week have regained upside technical momentum to suggest the uptrend can be restarted. The next upside technical objective for the bulls is pushing and closing January prices above solid technical resistance at the October high of $10.29 1/4 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $9.62 a bushel. First resistance for January soybeans is seen at yesterday's high of $10.21 and then at $10.29 1/4. First support is seen at $10.00 and then at yesterday's low of $9.87 1/4.
Wyckoff's Market Rating: 6.5.
December Chicago SRW wheat closed down 1 cent at $5.15 3/4 yesterday. Prices closed nearer the session high yesterday. Bulls still have the slight near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at $4.80. Bulls' next upside price objective is to push and close December futures prices above solid technical resistance at $5.29 a bushel. First resistance is seen at yesterday's high of $5.20 3/4 and then at $5.25. First support lies at yesterday's low of $5.04 3/4 and then at $5.00.
Wyckoff's Market Rating: 4.5......Full article here
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