Cattle Futures: February Cattle Closes Higher, Thursday10 January 2014
US - Prices closed near mid-range yesterday seeing February live cattle close up $0.22 at $136.75, reports Jim Wyckoff, TheCattleSite analyst.
Prices Wednesday hit a 12-month high. Bulls are in full technical control. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at the contract high of $137.70.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $135.00.
First resistance is seen at this week's high of $137.20 and then at $137.70. First support is seen at this week's low of $136.30 and then at $135.67. Wyckoff's Market Rating: 8.0
March feeder cattle closed up $0.27 at $168.82 Thursday. Prices closed near the session low and hit a fresh contract high early on.
The bulls have the solid overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart.
The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $170.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $167.00.
First resistance is seen at today's contract high of $169.17 and then at $170.00. First support is seen at $168.50 and then at $168.00. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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