Cattle Futures: Bulls Still Have Market, Tuesday29 January 2014
US - If there is some more selling pressure this week, then a major market top could be in place. But right now the live cattle futures bulls are still in technical control.
This is according to TheCattleSite analyst, Jim Wyckoff, who reported a 32 cent drop in April live cattle on Tuesday, closing at $140.22.
Prices closed nearer the session low, writes Mr Wyckoff. Price action last week produced a spike top and then prices backed off sharply.
Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at last week's record high of $143.20.
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 today's high of $140.72 and then at $141.00. First support is seen at $140.00 and then at Monday's low of $139.50. Wyckoff's Market Rating: 6.5
March feeder cattle closed down $0.45 at $168.35 Tuesday. More mild profit taking was featured. Prices last week hit a contract high. The bulls still have the 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 the contract high of $170.67. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the January low of $166.40.
First resistance is seen at $169.00 and then at $169.40. First support is seen at this week's low of $168.07 and then at $167.50. Wyckoff's Market Rating: 7.0
TheCattleSite News Desk
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