Cattle Futures: Live Markets Remain Slightly Bearish Despite Bullish Cattle on Feed Report, Monday
US - Bulls were not helped by Friday's bullish Cattle on Feed report, a bearish sign, writes TheCattleSite analyst Jim Wyckoff.
29 April 2014
2 minute read
The bulls still have the near term technical advantage, although when a market cannot rally after new, bullish news it is a bearish signal.
June live cattle closed up $0.05 at $136.82 Monday. Prices closed nearer the session low today after hitting a fresh three-week high early on.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $138.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $133.95.
First resistance is seen at today’s high of $137.47 and then at $138.00. First support is seen at today’s low of $136.50 and then at $136.00. Wyckoff's Market Rating: 6.0
August feeder cattle closed up $1.72 at $186.35 Monday. Prices closed nearer the session high and hit another fresh contract high.
Bulls have the solid overall near-term technical advantage. However, the market is now over-extended and due for at least a good corrective pullback very soon.
The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $187.50.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $183.00.
First resistance is seen at today’s contract high of $186.70 and then at $187.00. First support is seen at $186.00 and then at $185.20. Wyckoff's Market Rating: 9.0
TheCattleSite News Desk
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