Cattle Futures: Live and Feeder Cattle Close Down, Tuesday
US - Contracts closed lower on Tuesday, amid choppy trade, reports Jim Wyckoff, TheCattleSite analyst.February live cattle closed down $0.55 at $132.95 Tuesday, closing near the session low.
Bulls and bears are still on a level near-term technical playing field. However, the cash cattle market fundamentals have deteriorated a bit following last week's lower cash cattle trade.
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 the November low of $131.27. First resistance is seen at today's high of $133.40 and then at this week's high of $133.67.
First support is seen at this week's low of $132.50 and then at last week's low of $132.12. Wyckoff's Market Rating: 5.0
January feeder cattle closed down $1.27 at $167.12 Tuesday. Prices closed near the session low on profit taking from recent gains. Prices Monday hit a seven-week high.
The feeder bulls still have the overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the October high of $169.22, which is the contract high.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $166.00. First resistance is seen at today's high of $167.92 and then at this week's high of $168.45. First support is seen at $166.60 and then at $166.00. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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