Cattle Futures: No Gains For April Contracts, Monday
US - April cattle contracts closed lower with feeder unchanged at $173.03 on Monday, according to TheCattleSite analyst, Jim Wyckoff.
4 March 2014
2 minute read
April cattle closed down $0.85 at 144.12. April cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading.
Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near.
Closes below the 20-day moving average crossing at 141.57 would confirm that a short-term top has been posted. If April extends this winter's rally, upside targets will be hard to project if it trades into uncharted territory. First resistance is last Thursday's high crossing at 145.97.
Second resistance is unknown. First support is the 10-day moving average crossing at 142.89. Second support is the 20-day moving average crossing at 141.57.
April feeder cattle closed unchanged at $173.07. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near.
Closes below the 20-day moving average crossing at 170.84 would confirm that a short-term top has been posted.
If April extends this month's rally into uncharted territory, upside targets will be hard to project. First resistance is last Thursday's high crossing at 174.70.
Second resistance is unknown. First support is the 10-day moving average crossing at 172.62. Second support is the 20-day moving average crossing at 170.84.
TheCattleSite News Desk
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