US - Feeder markets look strong as bulls try and push to $200, reports TheCattleSite analyst, Jim Wyckoff.
August live cattle closed up $0.95 at $140.07 Tuesday. Prices closed near mid-range and hit a two-week high yesterday. The bulls have the solid overall near-term technical advantage.
However, the recent higher volatility at higher price levels is not bullish and is suggestive of a market topping process.
Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $140.82. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $138.50.
First resistance is seen at today’s high of $140.40 and then at $140.82. First support is seen at today’s low of $139.60 and then at $139.00. Wyckoff's Market Rating: 8.0
August feeder cattle closed up $0.72 at $198.30 Tuesday. Prices closed near the session high and hit a fresh contract high yesterday. Bulls have the strong 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 $200.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $195.00.
First resistance is seen at today’s contract high of $198.50 and then at $199.00. First support is seen at today’s low of $197.50 and then at $197.00. Wyckoff's Market Rating: 9.0
TheCattleSite News Desk
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