US - If the cattle bulls have been anything in recent months they have been resilient, reports TheCattleSite analyst Jim Wyckoff.
October live cattle closed up $0.35 at 156.00 on Wednesday. Prices closed nearer the session high.
The cattle bulls still have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above strong resistance at the contract high of $160.75.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $153.00. First resistance is seen at this week’s high of $157.25 and then at $158.00.
First support is seen at today’s low of $154.72 and then at last week’s low of $154.42. Wyckoff's Market Rating: 7.0
October feeder cattle closed down $0.07 at 219.97 Wednesday. Mild profit taking was featured. The bulls still have the firm overall near-term technical advantage in this very mature bull market run.
The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the recent contract high of $224.35.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $217.00.
First resistance is seen at today’s high of 220.70 and then at this week’s high of $221.75. First support is seen at today’s low of $218.65 and then at last week’s low of $217.67. Wyckoff's Market Rating: 7.5
TheCattleSite News Desk
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