US - June live cattle closed down $0.90 at $137.45 on Monday, reports TheCattleSite analyst, Jim Wyckoff.
Prices closed nearer the session high yesterday and saw profit taking after prices Friday hit a contract high.
The bulls still have the solid overall near-term technical advantage. However, the recent higher volatility at higher price levels is not bullish.
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 $139.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.30.
First resistance is seen at $138.00 and then at $138.75. First support is seen at $137.00 and then at today’s low of $136.70. Wyckoff's Market Rating: 7.5
May feeder cattle closed down $1.67 at $177.82 Monday. Prices closed near the session low on profit taking after hitting a contract high on Friday.
Bulls still have the solid overall near-term technical advantage. 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 the contract high of $180.10.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $175.85.
First resistance is seen at today’s high of $178.42 and then at $179.00. First support is seen at $177.00 and then at $176.50. Wyckoff's Market Rating: 7.5
TheCattleSite News Desk
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