Cattle Futures: Cattle Closed Up on Thursday
US - August live cattle closed up $2.95 at $145.15 Thursday. Prices closed near the session high and scored to a contract and record high today.News today that cash cattle prices in the U.S. fetched still-higher money boosted the futures. The cattle bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at $148.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $142.00. First resistance is seen at today’s contract high of $145.17 and then at $145.50. First support is seen at $144.50 and then at $144.00. Wyckoff's Market Rating: 9.0
August feeder cattle closed up $2.97 at $205.85 Thursday. Prices closed near the session high and hit a contract and record high today. Bulls have the strong overall near-term technical advantage. Prices are in a four-month-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 $208.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $202.00. First resistance is seen at today’s contract high of $205.87 and then at $206.50. First support is seen at $205.00 and then at $204.00. Wyckoff's Market Rating: 9.5
August lean hogs closed up $0.90 at $130.85 Thursday. Prices closed near the session high and hit a contract high today. The hog bulls have the solid overall near-term technical advantage. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $132.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $127.50. First resistance is seen at today’s contract high of $130.85 and then at $131.50. First support is seen at $130.00 and then at today’s low of $129.55. Wyckoff's Market Rating: 8.5
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