US - October cattle closed down $0.15 at 156.20. October cattle closed lower on Tuesday as it extends the decline off last week's high, reports TheCattleSite analyst Jim Wyckoff.
The high-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.
Closes below the 20-day moving average crossing at 152.98 would confirm that a double top has been posted. If October renews the rally off August's low, July's high crossing at 160.70 is the next upside target.
First resistance is last Wednesday's high crossing at 160.50. Second resistance is July's high crossing at 160.70. First support is today's low crossing at 154.95. Second support is the 20-day moving average crossing at 152.98.
October feeder cattle closed up $0.02 at $225.87. October Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low into uncharted territory, upside targets will be hard to project.
Closes below the 20-day moving average crossing at 219.03 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 228.20. Second resistance is unknown.
First support is the 10-day moving average crossing at 225.22. Second support is the 20-day moving average crossing at 219.03.
TheCattleSite News Desk
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