Cattle Futures: Market Still With Bulls, Thursday24 January 2014
US - Bulls are still in full technical control of the live cattle futures and have an advantage in feeder markets, reports TheCattleSite analyst Jim Wckoff.
April live cattle closed down $1.20 at $140.60 Thursday. Prices closed nearer the session low on profit taking. Prices Wednesday hit a contract and record high.
Live cattle futures bulls are still in full technical control. Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at this week's record high of $143.20.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $138.00.
First resistance is seen at today's high of $141.17 and then at $141.80. First support is seen at $140.00 and then at $139.40. Wyckoff's Market Rating: 8.0
March feeder cattle closed down $0.52 at $169.85 Thursday. Prices closed near the session high and profit taking was featured.
Prices Wednesday hit a contract high. The bulls still have the solid overall near-term technical advantage.
The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $172.50.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $167.50.
First resistance is seen at the contract high of $170.67 and then at $171.00. First support is seen at today's low of $169.12 and then at $168.50. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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