Cattle Futures: February Closes Up $1, Tuesday15 January 2014
US - February live cattle prices closed nearer the session high, hitting a fresh contract high, writes Jim Wyckoff for TheCattleSite.
February live cattle closed up $1.00 at $137.70 Tuesday. Record-high boxed beef and cash cattle prices just recently are supported the bull run in the futures market.
Live cattle futures bulls are in full technical control. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at $140.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $135.50. First resistance is seen at today's contract high of $137.75 and then at $138.00. First support is seen at $137.00 and then at today's low of $136.75. Wyckoff's Market Rating: 8.5
March feeder cattle closed up $0.37 at $166.85 Tuesday. Prices closed near the session low. The bulls still have the overall near-term technical advantage but have faded. A two-month-old uptrend on the daily bar chart was negated Monday.
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 today's high of $167.20 and then at $167.60. First support is seen at this week's low of $166.40 and then at $166.00. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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