Cattle Futures: Prices Close Higher, Wednesday
US - Bulls will shoot for around $138.70, while the Bears push down to $136.00, reports Jim Wyckoff, TheCattleSite analyst.
15 May 2014
1 minute read
June live cattle closed up $0.50 at $137.50 on Wednesday. Prices closed nearer the session low today. The bulls have the overall near-term technical advantage.
First resistance is seen at today’s high of $138.00 and then at $138.50. First support is seen at today’s low of $137.30 and then at this week’s low of $136.80. Wyckoff's Market Rating: 6.5
August feeder cattle closed up $0.77 at $192.45 Wednesday. Prices closed near the session low but did close at a contract high close today.
Bulls have the solid overall near-term technical advantage. A bull flag has formed 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 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 $187.75. First resistance is seen at today’s high of $192.70 and then at $193.00. First support is seen at $192.00 and then at $191.50. Wyckoff's Market Rating: 8.5
TheCattleSite News Desk
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