Cattle Futures: Cattle Closed Up on Thursday15 August 2014
US - October live cattle closed up $0.72 at 147.22 Thursday. Prices closed nearer the session high on short covering after hitting a two-month low Wednesday.
Serious near-term chart damage has been inflicted recently. Bears still 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 $148.00 and then at $148.45. First support is seen at $146.00 and then at this week’s low of $144.92. Wyckoff's Market Rating: 4.0
October feeder cattle closed up $0.30 at 213.00 Thursday. Prices closed near mid-range on mild short covering. The bulls still have the slight overall near-term technical advantage, but have faded recently. 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 today’s high of 213.95 and then at $215.00. First support is seen at today’s low of $211.60 and then at this week’s low of $210.70. Wyckoff's Market Rating: 5.5
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