Trading Choppy But Bulls Have Advantage24 October 2013
US - December live cattle closed down $0.22 at $132.75 Wednesday, writes TheCattleSite analyst Jim Wyckoff.
Prices closed near the session low. Trading has been choppy but the cattle futures bulls have the overall near-term technical advantage.
Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at last week's contract high of $134.00.
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 $133.00 and then at today's high of $133.70. First support is seen at $132.35 and then at $132.00. Wyckoff's Market Rating: 7.0
November feeder cattle closed down $0.22 at $167.62 Wednesday. Prices closed near the session low.
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 recent contract high of $169.60.
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 $168.00 and then at today's high of $168.60. First support is seen at $167.07 and then at this week's low of $166.35. Wyckoff's Market Rating: 7.0
TheCattleSite News Desk
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