Cattle Futures: Bulls In Full Technical Control, Wednesday
US - February live cattle traded steady at $136.52, reports Jim Wyckoff TheCattleSite editor.
9 January 2014
1 minute read
Prices closed nearer the session low but did hit a 12-month high early on Wednesday.
Bulls are in full technical control. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at the contract high of $137.70.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $135.00. First resistance is seen at today's high of $137.20 and then at $137.70.
First support is seen at this week's low of $136.30 and then at $135.67. Wyckoff's Market Rating: 8.0
March feeder cattle closed up $0.725 at $168.55 Wednesday. Prices closed near the session high and closed at a fresh contract high close today. The bulls have the solid overall near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $170.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $167.00.
First resistance is seen at the contract high of $168.75 and then at $169.00. First support is seen at $168.00 and then at this week's low of $167.62. Wyckoff's Market Rating: 8.0
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