Cattle Futures Trading Reports Short Covering and Bargain Hunting12 November 2013
US - Prices closed nearer the session high and saw some short covering and bargain hunting following recent selling pressure, writes Jim Wyckoff, TheCattleSite analyst.
December live cattle closed up $0.35 at $132.75 Monday. The key "outside markets" were bullish for the cattle market today as the U.S. dollar index was weaker and crude oil prices were firmer.
The cattle futures bulls have the overall near-term technical advantage. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at $134.00.
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 today's high of $132.90 and then at $133.50. First support is seen at today's low of $132.50 and then at $132.00. Wyckoff's Market Rating: 6.5
January feeder cattle closed down $0.25 at $164.17 Monday. Prices closed near the session low. The feeder bulls still have the slight near-term technical advantage but are fading.
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 $166.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the September low of $163.45.
First resistance is seen at today's high of $164.70 and then at $165.00. First support is seen at $164.00 and then at $163.45. Wyckoff's Market Rating: 5.5
TheCattleSite News Desk
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