US - The advantage remains with the bulls in both feeder and live cattle markets, according to TheCattleSite analyst Jim Wyckoff.
June live cattle closed down $0.62 at $138.77 Tuesday. Prices closed near the session low today and saw profit taking from recent gains.
The bulls still have the solid overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $139.85.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $136.75. First resistance is seen at today’s high of $139.20 and then at the contract high of $139.85. First support is seen at $138.50 and then at $138.00. Wyckoff's Market Rating: 7.5
August feeder cattle closed down $0.27 at $195.92 Tuesday. Mild profit taking was featured. Bulls still 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 $197.50.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $193.47. First resistance is seen at the contract high of $196.32 and then at $197.00. First support is seen at $195.00 and then at $194.00. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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