Cattle Futures: Prices Close Higher And Turn Bullish, Tuesday19 February 2014
US - TheCattleSite analyst Jim Wyckoff reports higher prices for fed and feeder cattle and that a major market top is in place.
April live cattle closed up $0.97 at $142.07 Tuesday following Monday's break in trade. Prices closed near the session high today.
Cash market fundamentals have once again turned more bullish for the cattle market, as cash prices fetched higher money last week and boxed beef prices have risen early this week.
Bulls also have the overall near-term technical advantage. My bias is still that a major top is in place. 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 the February low of $138.65. First resistance is seen at last week’s high of $142.50 and then at $143.00. First support is seen at today’s low of $141.70 and then at $141.10. Wyckoff's Market Rating: 7.0
April feeder cattle closed up $1.47 at $172.82 Tuesday. Prices soared to a fresh contract high today. The feeder bulls 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 $175.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $170.00. First resistance is seen at today’s contract high of $172.95 and then at $173.50. First support is seen at $172.50 and then at $172.00. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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