Jim Wyckoff: Futures Hit Two Week High, Wednesday14 November 2013
US - Prices closed nearer the session high and hit a two-week high yesterday, writes Jim Wyckoff, TheCattleSite analyst.
December live cattle closed up $0.35 at $133.02 Wednesday. Prices also scored a bullish "outside day" up on the daily bar chart.
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 $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 today's high of $133.12 and then at $133.75.
First support is seen at today's low of $132.35 and then at $132.00. Wyckoff's Market Rating: 6.5
January feeder cattle closed up $0.45 at $164.65 Wednesday. The feeder bulls have the slight near-term technical advantage but prices are in a four-week-old downtrend 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 last week's high of $166.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the October low of $163.45.
First resistance is seen at this week's high of $165.00 and then at $165.50. First support is seen at this week's low of $164.15 and then at $163.45. Wyckoff's Market Rating: 5.5
TheCattleSite News Desk
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Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.