Cattle Futures: Contracts Falter, Tuesday16 April 2014
US - June live and May feeder cattle closed down Tuesday to $135.42 and $179.77, reports Jim Wyckoff, TheCattleSite analyst.
Live prices closed near mid-range yesterday, writes Mr Wyckoff. The live cattle futures bulls have the slight near-term technical advantage.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $137.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $134.42. First resistance is seen at today’s high of $135.90 and then at last week’s high of $136.30.
First support is seen at today’s low of $135.05 and then at $134.42. Wyckoff's Market Rating: 5.5
May feeder cattle closed down $0.65 at $179.77 Tuesday. Prices backed off on profit taking after hitting a contract high Monday.
Bulls still have the solid overall near-term technical advantage. Prices are in a 4.5-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 $177.75.
First resistance is seen at the contract high of $180.45 and then at $181.00. First support is seen at today’s low of $179.30 and then at $179.00. Wyckoff's Market Rating: 7.5
TheCattleSite News Desk
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