Cattle Futures: Friday Posts Losses in Live Cattle and Feeders14 January 2014
US - Prices closed nearer the session low and scored a mildly bearish "outside day" down on the daily bar chart, writes TheCattleSite analyst, Jim Wyckoff.
February live cattle closed down $0.15 at $136.55 Friday.
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 last week's high of $137.30 and then at $137.70. First support is seen at today's low of $136.25 and then at $135.67. Wyckoff's Market Rating: 8.0
March feeder cattle closed down $1.17 at $166.47 Monday. Prices closed near the session low and hit a four-week low today, on heavy profit taking. The bulls still have the overall near-term technical advantage but are now fading. A two-month-old uptrend on the daily bar chart was negated today.
The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at last week's contract high of $169.40.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $165.00.
First resistance is seen at $167.00 and then at $167.60. First support is seen at today's low of $166.40 and then at $166.00. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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