US - April live cattle closed up $1.37 at $142.60 Tuesday, reports Jim Wyckoff TheCattleSite analyst.
Traders are focusing on overall cash cattle market fundamentals that fully favor the bulls. Bulls also still 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 $140.00. First resistance is seen at last week’s high of $142.90 and then at $143.20. First support is seen at $142.00 and then at this week’s low of $141.17. Wyckoff's Market Rating: 7.5
May feeder cattle closed up $1.05 at $173.37 Tuesday. The bulls regained upside technical momentum today and are back near last week’s contract high.
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 the contract high of $173.95.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $171.50. First resistance is seen at $173.50 and then at $173.95.
First support is seen at $173.00 and then at $172.50. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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