Wyckoff Cattle Report: Live Cattle Closed Up on Monday29 October 2013
US - December live cattle closed up $0.92 at $133.90 Monday. Prices closed near the session high and closed at a fresh contract high close.
More buying support in futures came from the record cash cattle prices fetched last week in Texas and Kansas. Ideas are that cash prices will fetch higher levels this week, too, as packers pay up for needed supplies. The cattle futures bulls have the strong 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 $134.70. 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 $134.00 and then at $134.70. First support is seen at today's low of $133.37 and then at $133.00. Wyckoff's Market Rating: 8.0.
January feeder cattle closed up $0.87 at $166.92 Monday. 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 the recent contract high of $169.22. 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 $167.00 and then at $167.50. First support is seen at last week's low of $166.02 and then at $165.50. Wyckoff's Market Rating: 7.0
December lean hogs closed up $1.47 at $91.90 Monday. Prices closed near the session high and hit another fresh contract high. The discount December futures still hold to the cash hog index has helped to boost lean hog futures. Rising U.S. beef prices have also seen better consumer demand for less-expensive pork. The hog market bulls have the strong overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $94.00.
The next downside price breakout objective for the bears is pushing prices below solid technical support at $89.00. First resistance is seen at today's contract high of $92.00 and then at $92.50. First support is seen at $91.00 and then at $90.62. Wyckoff's Market Rating: 9.0
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