US - April live cattle closed up $2.12 at $144.52 which suggests more upside price action in the near term, reports Jim Wyckoff TheCattleSite analyst.
Prices gapped sharply higher on the daily bar chart and hit a fresh contract high today, writes Mr Wyckoff. Bulls have the solid overall near-term technical advantage.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $146.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $141.17.
First resistance is seen at today’s contract high of $144.70 and then at $145.00. First support is seen at $144.00 and then at today’s low of $143.30. Wyckoff's Market Rating: 8.5
May feeder cattle closed up $1.12 at $174.50 Wednesday. Prices closed near the session high and hit a fresh contract high today.
The feeder 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 $176.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at this week’s low of $172.00. First resistance is seen at today’s contract high of $174.52 and then at $175.00.
First support is seen at today’s low of $173.85 and then at $173.37. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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