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Prices Close Near Session High, Wednesday

12 December 2013
Jim Wyckoff Commentary -  TheCropSite

US - Prices closed near the session high. Bulls are fading and are on a level near-term technical playing field with the bears, reports Jim Wyckoff, TheCattleSite analyst.

February live cattle closed up $0.15 at $132.80 Wednesday. 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 this week's low of $132.30 and then at $132.00. Wyckoff's Market Rating: 5.0

January feeder cattle closed up $0.15 at $165.70 Wednesday. Prices closed near the session high on mild short covering.

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 $166.00 and then at $166.50.

First support is seen at this week's low of $164.92 and then at $164.50. Wyckoff's Market Rating: 5.0

TheCattleSite News Desk

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