April Cattle Closed Down on Monday04 February 2014
US - April cattle closed down $1.02 at 139.40. April cattle closed lower on Monday extending the decline off January's high.
The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 138.05 are needed to confirm that a short-term top has been posted.
If April renews the rally off November's low, upside targets will be hard to project with April trading in uncharted territory. First resistance is January's high crossing at 143.20. Second resistance is unknown. First support is the 20-day moving average crossing at 138.05. Second support is the reaction low crossing at 138.32.
March feeder cattle closed down $1.42 at $168.00. March Feeder cattle closed lower due to profit taking on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading.
Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below January's low crossing at 166.40 would confirm that a top has been posted. If March renews this winter's rally, upside targets will be hard to project now that March is trading in uncharted territory. First resistance is January's high crossing at 170.67. Second resistance is unknown. First support is January's low crossing at 166.44. Second support is the reaction low crossing at 165.45.
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