Cattle Futures: No Let Up In Bullish Trade, Wednesday23 January 2014
US - More record highs were hit on Wednesday as markets stayed bullish, reports TheCattleSite analyst Jim Wyckoff.
April live cattle closed up $1.52 at $141.75 Wednesday. Prices closed near mid-range and hit another fresh contract high today. Nearby futures also hit another record high.
Reports of higher cash trade taking place in the central U.S. this week helped to boost the futures. This week has seen record-high boxed beef prices.
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 $145.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $138.00.
First resistance is seen at $142.00 and then at $142.50 and then at today's contract high of $143.00. First support is seen at $141.00 and then at $140.60. Wyckoff's Market Rating: 9.5
March feeder cattle closed up $2.07 at $170.40 Wednesday. Prices closed nearer the session high, scored a bullish "outside day" up on the daily bar chart and hit a new contract high.
The bulls 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 $172.50.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $167.50.
First resistance is seen at today's contract high of $170.67 and then at $171.00. First support is seen at $170.00 and then at $169.40. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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