US - Live futures settled near the session high yesterday on tepid short covering as traders sought bargains and the chart consolidated, reports TheCattleSite analyst, Jim Wyckoff.
June live cattle closed up $0.15 at $135.92 Monday.
The live cattle futures bulls have regained the near-term technical advantage after producing a bullish weekly high close on Friday.
Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $137.50.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $134.42.
First resistance is seen at last week’s high of $136.30 and then at $137.00. First support is seen at $135.50 and then at $135.00. Wyckoff's Market Rating: 6.0
May feeder cattle closed up $0.35 at $180.42 Thursday. Prices hit a fresh contract high Monday. Bulls have the solid overall near-term technical advantage.
Prices are in a 4.5-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 $182.00.
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 $177.75.
First resistance is seen at the contract high of $180.45 and then at $181.00. First support is seen at $180.50 and then at $179.50. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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