Bullish Markets With Cattle High and Corn Low
Cash market fundamentals remain bullish as cash cattle prices remain near record highs, helped by low corn, writes TheCattleSite analyst, Jim Wyckoff.
3 December 2013
1 minute read
February live cattle closed up $0.05 at $134.30 Monday. Prices closed near mid-range but the bulls last week gained good upside technical momentum. The cattle futures bulls have the near-term technical advantage.
Lower corn prices are also bullish for cattle. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at the November high of $134.90.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $132.50. First resistance is seen at today's high of $134.47 and then at last week's high of $134.70. First support is seen at $134.00 and then at $133.50. Wyckoff's Market Rating: 6.5
January feeder cattle closed down $0.15 at $165.32 Monday. The feeder bulls and bears are on a level near-term technical playing field. 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 last week's high of $165.62 and then at $166.00. First support is seen at $164.90 and then at $164.50. Wyckoff's Market Rating: 5.0
TheCattleSite News Desk
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