US - Next up for the live cattle contracts is for Bulls to push above solid resistance at the contract high of $139.85, writes TheCattleSite analyst, Jim Wyckoff.
June live cattle closed down $0.475 at $137.80 Thursday. Prices closed nearer the session low today and saw more profit more taking from recent gains.
The bulls still have the overall near-term technical advantage. More selling pressure Friday would begin to suggest a bearish double-top reversal pattern has formed on the daily bar chart.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $136.75.
First resistance is seen at today’s high of $138.40 and then at $139.05. First support is seen at today’s low of $137.60 and then at $137.00. Wyckoff's Market Rating: 7.0
August feeder cattle closed down $0.52 at $196.00 Thursday. Bulls still 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 $198.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $193.47.
First resistance is seen at $197.25 and then at the contract high of $197.75. First support is seen at $195.00 and then at $194.00. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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