Cattle Futures: Major Market Top Still in Place, Analyst Suspects, Wednesday13 February 2014
US - Bulls still have an overall advantage in live and feeder cattle markets, reports Jim Wyckoff TheCattleSite analyst, who suspects a major market top is still in place.
April live cattle closed down $0.42 at $140.75 Wednesday. Prices closed near the session low today and saw profit taking after hitting a three-week high early on. Bulls have the overall near-term technical advantage.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the contract high of $143.20.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $138.65.
First resistance is seen at today’s high of $141.80 and then at $142.00. First support is seen at $140.50 and then at this week’s low of $139.80. Wyckoff's Market Rating: 6.0
March feeder cattle closed down $0.30 at $168.47 Wednesday. The feeder bulls have the 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 the January high of $170.67.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at the February low of $166.55.
First resistance is seen at this week’s high of $169.32 and then at $169.72. First support is seen at $168.00 and then at $167.50. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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