February Markets Remain Bullish, Tuesday

US - Cash market fundamentals remain bullish as cash prices remain near record highs, reports TheCattleSite markets expert, Jim Wyckoff.
calendar icon 4 December 2013
clock icon 2 minute read
Jim Wyckoff Commentary -  TheCropSite

February live cattle closed down $0.17 at $134.10 Tuesday. Prices closed near mid-range on profit taking.

The bulls last week gained upside technical momentum. The cattle futures bulls have the near-term technical advantage.

A bull flag pattern may be forming on the daily bar chart. Lower corn prices are bullish for cattle.

Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at the November high of $134.90.

The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $132.50. First resistance is seen at this week's high of $134.47 and then at last week's high of $134.70. First support is seen at today's low of $133.80 and then at $133.50. Wyckoff's Market Rating: 6.5

January feeder cattle closed down $0.50 at $164.85 Tuesday. Prices closed near the session low. The feeder bulls and bears are on a level near-term technical playing field.

The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the November high of $166.00.

The next downside price breakout objective for the bears is to push and close prices below solid technical support at the November low of $162.05.

First resistance is seen at last week's high of $165.62 and then at $166.00. First support is seen at $164.40 and then at $164.00. Wyckoff's Market Rating: 5.0

TheCattleSite News Desk

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