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Live Cattle Bulls Still Fading, Tuesday

11 December 2013
Jim Wyckoff Commentary -  TheCropSite

US - Bulls are still fading in live cattle and are on a near level-term playing field for both live and feeder futures, according to Jim Wyckoff, TheCattleSite analyst.

February live cattle closed down $0.37 at $132.67 Tuesday. Prices closed nearer the session high.

Bulls are fading and are on a level near-term technical playing field with the bears. 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 this week's high of $133.30 and then at $134.00. First support is seen at today's low of $132.30 and then at $132.00. Wyckoff's Market Rating: 5.0 

January feeder cattle closed up $0.40 at $165.55 Tuesday. Prices closed near the session high on more 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 today's low of $164.92 and then at $164.50. Wyckoff's Market Rating: 5.0

TheCattleSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

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.



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