US - Traders will be aiming to close live cattle prices at $140, apart from the bears who will be looking to close below $136.50, reports TheCattleSite editor Jim Wyckoff.
June live cattle closed up $0.77 at $138.30 Tuesday. Prices closed nearer the session high. The bulls have the solid near-term technical advantage.
Steady to higher cash cattle prices last week and the big discount that futures have to the cash cattle market are supportive for the futures.
Bulls’ next upside price objective is to push and close prices above solid resistance at $140.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $136.50.
First resistance is seen at this week’s high of $138.60 and then at $139.00. First support is seen at $138.00 and then at this week’s low of $137.40. Wyckoff's Market Rating: 7.5
August feeder cattle closed up $1.45 at $191.25 Tuesday. Prices closed near the session low but did close at a contract high close today.
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 last Friday’s contract and record high of $193.47.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $188.00. First resistance is seen at $192.00 and then at today’s high of $192.30. First support is seen at $191.00 and then at $190.00. Wyckoff's Market Rating: 8.0
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