Cattle Futures: Prices Reach Three Week Low19 December 2013
US - Prices closed near the session low and closed at a fresh three-week low close yesterday, reports Jim Wyckoff, TheCattleSite analyst.
February live cattle closed down $0.62 at $132.35 Wednesday. Trading remains choppy.
Bulls and bears are on a level near-term technical playing field. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at the December high of $134.47.
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 $133.00 and then at this week's high of $133.67. First support is seen at last week's low of $132.12 and then at $131.27. Wyckoff's Market Rating: 5.0
January feeder cattle closed down $1.10 at $166.05 Wednesday. Prices closed near the session low on more profit taking from recent gains. Prices Monday hit a seven-week high.
The feeder bulls still have the overall 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 $166.45 and then at $167.00.
First support is seen at $165.50 and then at $165.00. Wyckoff's Market Rating: 6.0
TheCattleSite News Desk
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