Cattle Futures: Markets Near 'Level Playing Field', Tuesday23 April 2014
US - Live cattle featured short covering on Tuesday after a seven week low was hit by Monday's prices, reports TheCattleSite analyst, Jim Wyckoff.
A three-week-old downtrend is still in place on the daily bar chart, writes Mr Wyckoff.
Bulls and bears are presently on a level near-term technical playing field. June live cattle closed up $0.40 at $134.95 Tuesday.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $136.30.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $133.00.
First resistance is seen at $135.50 and then at today’s high of $136.00. First support is seen at $134.50 and then at this week’s low of $133.95. Wyckoff's Market Rating: 5.0
August feeder cattle closed up $0.37 at $182.27 Tuesday. Prices closed near the session low but poked to a fresh contract high today.
Bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $185.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $180.00.
First resistance is seen at today’s contract high of $183.00 and then at $183.50. First support is seen at $181.50 and then at $181.00. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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