Bears and Bulls Now On Level Playing Field10 December 2013
US - Bulls are continuing to fade and are now on a level near-term technical playing field with bears, reports Jim Wyckoff, TheCattleSite analyst.
February live cattle closed up $0.15 at $133.00 Monday. Prices closed nearer the session low and saw tepid short covering.
Significant near-term technical damage has occurred as prices last Friday closed at a bearish weekly low close.
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 the November low of $131.27.
First resistance is seen at today's high of $133.30 and then at $134.00. First support is seen at last week's low of $132.55 and then at $132.00. Wyckoff's Market Rating: 5.0
January feeder cattle closed up $0.67 at $165.15 Monday. Prices closed near the session high on short covering and bargain hunting. The feeder bulls and bears are on a level near-term technical playing field amid choppy trading.
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 $165.65 and then at $166.00. First support is seen at $164.55 and then at $164.00. Wyckoff's Market Rating: 5.0
TheCattleSite News Desk
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