US - Volatility at higher prices levels is not a bullish signal, according to TheCattleSite analyst Jim Wyckoff after cattle futures settled higher.
June live cattle closed up $0.30 at $136.77 on Wednesday with prices closing near mid-range, writes Jim Wyckoff, adding that the bulls have the overall near-term technical advantage.
Prices are 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 $139.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.30.
First resistance is seen at today’s high of $137.00 and then at $137.30. First support is seen at today’s low of $136.40 and then at this week’s low of $135.90. Wyckoff's Market Rating: 7.0
May feeder cattle closed up $1.20 at $177.97 Wednesday. Prices closed nearer the session high. Bulls have the solid overall near-term technical advantage.
Prices are in a four-month-old uptrend on the daily bar chart. 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 $180.10.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $175.85. First resistance is seen at $178.50 and then at $179.00.
First support is seen at today’s low of $177.10 and then at this week’s low of $176.62. Wyckoff's Market Rating: 7.5
TheCattleSite News Desk
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