US - Prices closed nearer the session high on Tuesday and hit a three-week high, writes TheCattleSite analyst Jim Wyckoff.
April live cattle closed up $1.00 at $141.17 Tuesday. Short covering and bargain hunting were featured today. Bulls have the near-term technical advantage and are regaining upside momentum.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the contract high of $143.20.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $138.65.
First resistance is seen at today’s high of $141.75 and then at $142.00. First support is seen at $140.75 and then at today’s low of $140.07. Wyckoff's Market Rating: 6.5
March feeder cattle closed up $0.87 at $168.77 Tuesday. Prices gapped sharply higher on the daily bar chart and closed near the session low today.
The feeder bulls regained upside technical momentum and 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 January 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 February low of $166.55.
First resistance is seen at today’s high of $169.32 and then at $169.72. First support is seen at $168.50 and then at $167.92. Wyckoff's Market Rating: 7.0
TheCattleSite News Desk
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