Choppy Trading Day Finished With Gains for February13 December 2013
US - February live cattle closed up $0.30 at $133.10 to conclude a choppy trading day, Thursday, reports TheCattleSite analyst, Jim Wyckoff.
Prices closed near the session low. Bulls and bears are on a level near-term technical playing. 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 today's high of $133.40 and then at $134.00. First support is seen at $132.87 and then at $132.50. Wyckoff's Market Rating: 5.0
January feeder cattle closed up $1.30 at $166.97 Thursday. Prices closed nearer the session high and hit a six-week high today as the bulls gained good upside momentum today.
The feeder bulls have regained 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 the October high of $169.22, which is the contract high.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at the December low of $163.87. First resistance is seen at today's high of $167.15 and then at $167.50.
First support is seen at this week's low of $166.50 and then at $166.00. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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