US - Any easy money has already been made on the current live market, which is in a 'very mature' bull market run, says Jim Wycoff, TheCattleSite analyst.
This is despite very strong cash fundamentals remaining in the market. August live cattle closed down $0.17 at $146.55 Monday. Prices closed near mid-range and saw mild profit taking from recent strong gains.
Bulls’ next upside price objective is to push and close prices above solid resistance at $148.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $144.00.
First resistance is seen at the contract high of $147.15 and then at $147.50. First support is seen at today’s low of $146.15 and then at $145.50. Wyckoff's Market Rating: 8.5
August feeder cattle closed up $0.55 at $208.70 Monday. Prices closed near the session high and hit another contract and record high today.
Bulls have the strong overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. But this is also a very “long-in-the-tooth” bull market run whose lifetime is likely limited.
The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $210.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $204.00.
First resistance is seen at today’s contract high of $208.72 and then at $209.00. First support is seen at $208.00 and then at today’s low of $207.60. Wyckoff's Market Rating: 9.5
TheCattleSite News Desk
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