Futures Higher Tuesday27 November 2013
US - Prices closed nearer the session high on Tuesday, pulling bulls and bears back on a level near-term technical playing field, writes TheCattleSite analyst, Jim Wyckoff.
A bear flag pattern on the daily bar chart was negated today, February live cattle closed up $1.10 at $133.02 Tuesday. 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 November low of $131.27.
First resistance is seen at today's high of $133.20 and then at $133.50. First support is seen at $132.50 and then at $132.25. Wyckoff's Market Rating: 5.0
January feeder cattle closed up $1.57 at $164.37 Tuesday. Prices closed near the session high on short covering.
A seven-week-old downtrend is still in place on the daily bar chart. A minor bear flag pattern on the daily bar chart was negated today. The feeder bears still have the slight 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 November low of $162.05. First resistance is seen at today's high of $164.40 and then at $165.00. First support is seen at $164.00 and then at today's low of $163.20. Wyckoff's Market Rating: 4.5
TheCattleSite News Desk
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