Cattle Futures: Near Contracts At Record Highs, Wednesday16 January 2014
US - April live cattle contracts closed near the session high, hitting fresh contract highs, reports Jim Wyckoff TheCattleSite analyst.
April live cattle closed up $1.22 at $139.02 Wednesday. Nearby futures are now at record high levels.
Also, record-high boxed beef and cash cattle prices recently are supporting the bull run in futures. Live cattle futures bulls are in full technical control.
History of commodity market prices shows that bull runs to record highs can see prices move higher than most market watchers would reckon. 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 $136.00.
First resistance is seen at today's contract high of $139.20 and then at $139.50. First support is seen at today's low of $138.25 and then at $138.00. Wyckoff's Market Rating: 9.0
March feeder cattle closed up $0.85 at $167.67 Wednesday. Prices closed near the session high. The bulls still have the solid 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 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 $168.00 and then at $168.42. First support is seen at $167.00 and then at this week's low of $166.40. Wyckoff's Market Rating: 7.0
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