US - August live cattle closed down $2.50 at $151.02 Wednesday, reports TheCattleSite analyst, Jim Wyckoff.
Prices closed nearer the session low on heavy profit taking and weak long liquidation after hitting a contract high on Monday.
The cattle bulls still have the overall near-term technical advantage but are fading. A three-month-old uptrend remains in place on the daily bar chart, but now just barely.
Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $156.47.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $149.00. First resistance is seen at $152.00 and then at $153.00. First support is seen at today’s low of $150.52 and then at $150.00. Wyckoff's Market Rating: 6.5
August feeder cattle closed down $2.10 at $213.80 Wednesday. Prices closed nearer the session low on heavy profit taking and weak long liquidation after hitting a contract and record high Monday.
Prices also scored a bearish “outside day” down on the daily bar chart. The bulls still have the overall near-term technical advantage but are now fading a bit.
Prices are in a five-month-old uptrend on the daily bar chart, but now just barely. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $219.65.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $210.00. First resistance is seen at $215.00 and then at $216.00.
First support is seen at today’s low of $212.90 and then at $212.00. Wyckoff's Market Rating: 7.0
TheCattleSite News Desk
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