US - Prices closed near mid-range yesterday with June live cattle closing up $1.17 at $137.60 on Wednesday, reports TheCattleSite analyst Jim Wyckoff.
The bulls have the overall near-term technical advantage and regained some upside momentum today to begin to render last week’s bearish key reversal down on the daily bar chart moot.
Prices are in a four-month-old uptrend on the daily bar chart. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the contract high of $138.75.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $135.30.
First resistance is seen at today’s high of $138.00 and then at $138.75. First support is seen at $137.00 and then at $136.50. Wyckoff's Market Rating: 7.5
May feeder cattle closed up $1.02 at $179.12 Wednesday. Prices closed at a fresh contract high close today.
This week’s strong upside price action gives the feeder bulls the solid overall near-term technical advantage to suggest more on the upside in the near term.
Prices are in a four-week-old uptrend on the daily bar chart. 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 last week’s low of $175.85.
First resistance is seen at the contract high of $179.25 and then at $180.00. First support is seen at $178.55 and then at $178.00. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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