US - Feeder bulls continued their solid run yesterday, taking the uptrend run to four weeks.
This is according to TheCattleSite analyst, Jim Wyckoff who reported a two cent drop in June live at $136.40 Tuesday.
Prices closed near mid-range on Tuesday, writes Mr Wyckoff. The bulls have the overall near-term technical advantage as prices are still in a four-month-old uptrend on the daily bar chart.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the contract high of $138.75.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $134.00.
First resistance is seen at today’s high of $137.10 and then at $137.50. First support is seen at $136.00 and then at last week’s low of $135.30. Wyckoff's Market Rating: 6.5
May feeder cattle closed up $0.52 at $178.10 Tuesday. Prices closed near the session high. Last week’s bearish “key reversal” down on the daily bar chart is becoming a moot point with this week’s upside price action.
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 $179.25.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week’s low of $175.85.
First resistance is seen at $178.60 and then at $179.00. First support is seen at $177.60 and then at $177.00. Wyckoff's Market Rating: 7.5
TheCattleSite News Desk
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