Live Cattle Bulls Still Fading, Tuesday11 December 2013
US - Bulls are still fading in live cattle and are on a near level-term playing field for both live and feeder futures, according to Jim Wyckoff, TheCattleSite analyst.
February live cattle closed down $0.37 at $132.67 Tuesday. Prices closed nearer the session high.
Bulls are fading and are on a level near-term technical playing field with the bears. 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 the November low of $131.27.
First resistance is seen at this week's high of $133.30 and then at $134.00. First support is seen at today's low of $132.30 and then at $132.00. Wyckoff's Market Rating: 5.0
January feeder cattle closed up $0.40 at $165.55 Tuesday. Prices closed near the session high on more short covering and bargain hunting.
The feeder bulls and bears are on a level near-term technical playing field amid choppy trading. 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 last week's high of $165.65 and then at $166.00. First support is seen at today's low of $164.92 and then at $164.50. Wyckoff's Market Rating: 5.0
TheCattleSite News Desk
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