US - October live cattle closed down $1.22 at 146.45 Wednesday. Prices closed near mid-range and hit a two-month low today.
Serious near-term chart damage has been inflicted recently. Bears have the near-term technical advantage as a steep three-week-old downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at $150.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $143.00. First resistance is seen at $147.00 and then at $148.00. First support is seen at $146.00 and then at today’s low of $144.92. Wyckoff's Market Rating: 3.5
October feeder cattle closed down $1.12 at 212.57 Wednesday. Prices closed nearer the session high after hitting a three-week low early on. The bulls still have the slight overall near-term technical advantage, but are fading.
This is a very mature bull market run and there is probably not much left on the upside. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at this week’s high of $217.87.
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 213.00 and then at today’s high of $213.80. First support is seen at $212.00 and then at $211.00. Wyckoff's Market Rating: 5.5
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