May soybeans on Friday closed lower, near the session low, hit a fresh five-week low and closed at a bearish weekly low close. Soybean bears have the near-term technical advantage and gained fresh downside technical momentum late last week. The next downside price objective for the bears is pushing and closing prices below solid technical support at the February low of $9.11. The next upside technical objective for the bulls is pushing and closing May prices above solid technical resistance at last week's high of $9.64 1/4. First resistance for May soybeans is seen at Friday's high of $9.38 and then at $9.50. First support is seen at Friday's low of $9.23 and then at $9.11.
$13.46 ------- the contract high
$9.48 1/2 ---- 10-day moving average
$9.54 1/2 ---- 20-day moving average
$9.50 1/2 ---- 40-day moving average
$8.14 -------- the contract low
May soybean meal on Friday closed lower, near the session low, closed at a bearish weekly low close and closed at a fresh a fresh 12-month low close. Bears have the solid near-term technical advantage in meal. The next downside price objective for the bears is pushing and closing prices below solid technical support at $240.00. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week's high of $263.40. First resistance comes in at $255.00 and then at $257.50. First support is seen at last week's low of $251.20 and then at $250.00.
$353.70 --- contract high
$260.00 --- 10-day moving average
$266.30 --- 20-day moving average
$269.70 --- 40-day moving average
$232.70 --- the contract low
May soybean oil on Friday closed lower, near mid-range, hit a fresh two-week low and closed at a bearish weekly low close. Some chart damage occurred Friday. A six-week-old uptrend on the daily bar chart was negated Friday. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at 38.50 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week's high of 41.02 cents. First resistance is seen at 40.00 cents and then at Friday's high of 40.41 cents. First support is Friday's low of 39.02 cents and then at 38.60 cents.
58.70 --- the contract high
40.18 --- 10-day moving average
39.66 --- 20-day moving average
38.63 --- 40-day moving average
31.10 --- the contract low
May corn on Friday closed slightly lower, near mid-range, closed at a bearish weekly low close and closed at a fresh five-week low close. Near-term chart damage was been inflicted in corn last week. Bears have the near-term technical advantage. However, there is very strong technical support just below the market, at $3.59. Bulls' next upside price objective is to push and close prices above solid technical resistance at $3.80 a bushel. First resistance for May corn is seen at Friday's high of $3.67 1/4 and then at $3.70 3/4. First support is seen at Friday's low of $3.62 and then at $3.59.
$7.14 -------- the contract high
$3.74 3/4 ---- 10-day moving average
$3.76 3/4 ---- 20-day moving average
$3.75 1/4 ---- 40-day moving average
$3.25 -------- the contract low
May Chicago wheat on Friday closed higher and near the session high on shortcovering in a bear market. Prices last Thursday hit a fresh 5.5-month low. A four-month-old downtrend line is in place on the daily chart, drawn from the November, December and January highs. The bears have the solid overall near-term technical advantage. The next downside price objective for the wheat futures bears is pushing and closing prices below solid technical support at the contract low of $4.72. Bulls' next upside price objective is to push and close March futures prices above solid technical resistance at $5.10 a bushel. First resistance is seen at Friday's high of $4.86 1/4 and then at $4.92. First support lies at Friday's low of $4.77 1/4 and then at $4.72.
$7.47 1/4 --- the contract high
$4.95 ------- 10-day moving average
$5.02 1/4 --- 20-day moving average1
$5.03 1/2 --- 40-day moving average
$4.72 ------- the contract low
May KCBT wheat on Friday closed higher and nearer the session high on short covering in a bear market. Prices Thursday hit a fresh contract low. Bears still have the solid near-term technical advantage. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at $5.12 1/2. The bears' next downside objective is pushing and closing prices below solid technical support at $4.75. First resistance is seen at $5.00 and then at $5.12 1/2. First support is seen at the contract low of $4.86 and then at $4.80.
$7.71 3/4 --- the contract high
$5.02 ------- 10-day moving average
$5.07 1/2 --- 20-day moving average
$5.08 3/4 --- 40-day moving average
$4.86 ------- the contract low
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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides.
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.
Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.
His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.
Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.
When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.