US - Bulls have the advantage in both live and feeder cattle markets, according to TheCattleSite analyst, Jim Wyckoff.
June live cattle closed up $0.60 at $137.37 Thursday. Prices closed near the session high today.
The bulls have the overall near-term technical advantage. 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 $137.85 and then at $138.12. First support is seen at today’s low of $137.00 and then at $136.40. Wyckoff's Market Rating: 7.5
May feeder cattle closed up $2.17 at $180.15 Thursday. Prices closed nearer the session high and bolted to a fresh contract high today.
Bulls 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 $182.50.
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 $176.62.
First resistance is seen at today’s contract high of $180.30 and then at $181.00. First support is seen at today’s low of $179.32 and then at $178.50. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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