Cattle Futures: Bulls Have the Advantage At the Start of the Week07 January 2014
Bulls have advantage for February live and March feeder cattle, writes TheCattleSite analyst Jim Wyckoff.
February live cattle closed up $0.50 at $136.80 Monday. Prices closed near the session high and hit a fresh 12-month high today.
Bulls are right back in control after record high cash cattle prices were fetched in the U.S. last week. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at the contract high of $137.70.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $135.00. First resistance is seen at today's high of $136.85 and then at $137.70. First support is seen at today's low of $136.30 and then at $135.67. Wyckoff's Market Rating: 8.0
March feeder cattle closed up $0.02 at $168.12 Monday. Prices closed near the session low but hit a fresh contract high early on. The bulls still have the solid overall near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $170.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $167.00. First resistance is seen at today's contract high of $168.75 and then at $169.00. First support is seen at $167.72 and then at $167.00. Wyckoff's Market Rating: 8.0
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