Bulls Have Near Term Advantage in Live Cattle Futures
US - Live cattle bulls have the advantage in the markets, writes TheCattleSite analyst, Jim Wyckoff after Wednesday's trading.
28 November 2013
2 minute read
Prices closed nearer the session high as the bulls have quickly gained upside technical momentum. February live cattle closed up $1.07 at $134.10 Wednesday.
The cattle futures bulls have regained the near-term technical advantage. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at the November high of $134.90.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $132.00. First resistance is seen at today's high of $134.22 and then at $134.50.
First support is seen at $133.50 and then at $133.00. Wyckoff's Market Rating: 6.0
January feeder cattle closed up $0.95 at $165.32 Wednesday. Prices closed near the session high on more short covering. A seven-week-old downtrend is still in place on the daily bar chart, but now just barely.
The feeder bulls and bears are now back on a level near-term technical playing field. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the November high of $166.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at the November low of $162.05.
First resistance is seen at today's high of $165.40 and then at $166.00. First support is seen at today's low of $164.90 and then at $164.50. Wyckoff's Market Rating: 5.0
TheCattleSite News Desk
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