Cattle Futures Close Higher But Remain Choppy17 December 2013
US - Bullish external factors were in force as February live cattle markets closed higher, says TheCattleSite analyst, Jim Wyckoff.
February live cattle closed up $0.62 at $133.47 Monday. Prices closed nearer the session high. The key "outside markets" were in a bullish daily posture for the cattle market today as the U.S. dollar index was lower and crude oil prices were higher.
Trading has been choppy. Bulls and bears are still on a level near-term technical playing field.
However, the cash cattle market fundamentals have deteriorated a bit following last week's lower cash cattle trade.
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 $133.67 and then at $134.00. First support is seen at $133.00 and then at today's low of $132.50. Wyckoff's Market Rating: 5.0
January feeder cattle closed up $1.27 at $168.35 Monday. Prices closed near the session high and hit a seven-week high today as the bulls have gained good upside momentum recently.
The feeder bulls have the solid 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 $166.00. First resistance is seen at today's high of $168.45 and then at $169.00. First support is seen at $167.50 and then at $167.00. Wyckoff's Market Rating: 7.5
TheCattleSite News Desk
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