Jim Wyckoff: Prices Close Mid Range, Thursday15 November 2013
US - The bulls have the overall near-term technical advantage after prices hit a two-week high on Thursday, writes Jim Wyckoff, TheCattleSite analyst.
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 $133.40 and then at $133.75. First support is seen at today's low of $132.75 and then at this week's low of $132.35. Wyckoff's Market Rating: 6.5
January feeder cattle closed up $0.55 at $165.20 Thursday. The feeder bulls have the 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 November 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 $165.50 and then at $166.00. First support is seen at $164.65 and then at this week's low of $164.15. Wyckoff's Market Rating: 6.0
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