Cattle Futures: June Live Cattle Closed Down Thursday21 April 2014
US - June live cattle closed down $1.20 at $134.42 Thursday, reports TheCattleSite analyst Jim Wyckoff..
Prices closed nearer the session low, closed at a bearish weekly low close and hit a fresh six-week low today. A three-week-old downtrend was also established on the daily bar chart today.
Bears have gained downside momentum and have the slight near-term technical advantage. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at last week’s high of $136.30.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $132.50.
First resistance is seen at today’s high of $135.05 and then at $135.90. First support is seen at today’s low of $134.10 and then at $133.50. Wyckoff's Market Rating: 4.5
May feeder cattle closed down $1.85 at $178.05 Thursday. Prices closed near the session low and closed at a bearish weekly low close.
The bulls faded today to begin to suggest a market top is in place. Bulls still have the 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 the April low of $176.62.
First resistance is seen at today’s high of $178.65 and then at $179.00. First support is seen at $177.50 and then at $177.00. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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