US - Prices closed near the session high on Wednesday, reports Jim Wyckoff, TheCattleSite analyst.
April live cattle closed up $0.65 at $143.87 Wednesday. Prices closed nearer the session high. Bulls have the overall near-term technical advantage.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at last week’s contract high of $146.65.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $141.00. First resistance is seen at this week’s high of $144.50 and then at $145.00.
First support is seen at today’s low of $143.25 and then at this week’s low of $142.70. Wyckoff's Market Rating: 7.0
May feeder cattle closed up $0.52 at $176.77 Wednesday. Prices closed nearer the session high and closed at a contract high close 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 $180.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $174.00. First resistance is seen at Tuesday’s contract high of $177.15 and then at $177.50.
First support is seen at this week’s low of $175.82 and then at $175.00. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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