US - Cash market fundamentals remain fully bullish, even though record high cash prices could turn away consumer demand for beef at some point, writes TheCattleSite analyst, Jim Wyckoff.
June live cattle closed up $0.10 at $137.95 Monday. Prices closed near mid-range and did push to a new contract high.
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 $140.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.00.
First resistance is seen at today’s contract high of $138.30 and then at $140.50. First support is seen at $137.50 and then at $137.00. Wyckoff's Market Rating: 8.0
May feeder cattle closed up $0.50 at $178.80 Monday. Prices hit another 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 $180.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $175.00.
First resistance is seen at Monday’s contract high of $178.82 and then at $179.50. First support is seen at $178.00 and then at $177.50. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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