Cattle Futures: May Feeder Cattle Close Higher, Tuesday
US - The next downside price breakout objective for the bears is to push and close prices below solid technical support at $175.00, writes TheCattleSite analyst Jim Wyckoff.
19 March 2014
1 minute read
June live cattle closed up $0.15 at $138.12 Tuesday. Prices closed near mid-range and did close at a new contract high close.
Bulls have the solid overall near-term technical advantage. Cash market fundamentals remain fully bullish, even though record high cash prices could turn away consumer demand for beef at some point.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.00.
Cash cattle prices this week are expected to reach record highs in the central U.S. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $140.00.
First resistance is seen at the contract high of $138.30 and then at $140.50. First support is seen at $137.50 and then at $137.00. Wyckoff's Market Rating: 8.0
May feeder cattle closed down $0.47 at $178.32 Tuesday. Prices saw modest profit taking after hitting a contract high on Monday.
The feeder bulls still have the solid overall near-term technical advantage.
The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $180.00.
First resistance is seen at Monday’s contract high of $178.82 and then at $179.50. First support is seen at $178.00 and then at $177.50. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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