Jim Wyckoff: Friday Cash Cattle Propel Prices, Monday
US - December live cattle closed up $0.67 at $133.15 Monday. Prices closed near the session high and hit a fresh contract high, writes theCattleSite analyst Jim Wyckoff.
15 October 2013
2 minute read
Cash cattle prices traded up to $2.00 higher last Friday and that propelled the futures market higher Monday. With no USDA market news, traders are awaiting fresh cash market fundamentals to drive prices.
The cattle futures bulls have the solid near-term technical advantage. Prices are in a five-month-old uptrend on the daily bar chart.
Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at $135.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the October low of $131.40.
First resistance is seen at Monday's contract high of $133.17 and then at $133.50. First support is seen at Monday's low of $132.60 and then at $132.00.
Wyckoff's Market Rating: 8.0
November feeder cattle closed up $0.12 at $169.40 Monday. Prices closed nearer the session high and poked to another fresh contract high. The feeder bulls have the solid 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 $170.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $165.00.
First resistance is seen at Monday's contract high of $169.60 and then at $170.00. First support is seen at Monday's low of $169.00 and then at $168.00. Wyckoff's Market Rating: 9.5
TheCattleSite News Desk
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