US - Prices returned near to last week's high for June live cattle, reports TheCattleSite analyst, Jim Wyckoff.
June live cattle closed up $0.90 at $138.52 Thursday. The bulls have the solid overall near-term technical advantage and have regained upside momentum this week.
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 $138.75 and then at $139.00. First support is seen at $138.00 and then at today’s low of $137.60. Wyckoff's Market Rating: 8.0
May feeder cattle closed up $0.75 at $179.87 Thursday. Prices closed nearer the session high and hit a fresh contract high today.
This week’s strong upside price action gives the feeder bulls momentum and they have the solid overall near-term technical advantage to suggest more on the upside in the near term.
Prices are in a four-month-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 $182.00.
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 today’s contract high of $180.00 and then at $180.50. First support is seen at today’s low of $179.25 and then at $179.00. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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