Futures Close With Six Week Lows08 November 2013
US - Thursday's prices closed nearer the session low and closed at a fresh six-week low close today, write Jim Wyckoff, TheCattleSite analyst.
The key "outside markets" were bearish for the cattle market yesterday as the U.S. dollar index was higher and crude oil prices were lower.
The cattle futures bulls still have the overall near-term technical advantage. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at $133.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $131.40. First resistance is seen at $132.00 and then at this week's high of $132.60. First support is seen at $131.40 and then at $131.00. Wyckoff's Market Rating: 6.0
January feeder cattle closed down $0.42 at $165.12 Thursday. Prices closed near mid-range. The feeder bulls still have the 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 last week's high of $167.20.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week's low of $163.45.
First resistance is seen at this week's high of $165.72 and then at $166.00. First support is seen at $164.50 and then at $164.00. Wyckoff's Market Rating: 6.0
TheCattleSite News Desk
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