Cattle Futures: August Contracts Close Lower, Wednesday

US - Live and Feeder contracts for August both closed lower but the bulls remain in control, reports TheCattleSite analyst Jim Wyckoff.
calendar icon 12 June 2014
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Jim Wyckoff Commentary -  TheCropSite

August live cattle closed down $1.20 at $142.20 Wednesday. Prices closed near the session low and saw profit taking after the recent run higher.

The cattle bulls still have the solid overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at $145.00.

The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $140.82.

First resistance is seen at $143.00 and then at the contract high of $143.80. First support is seen at $142.00 and then at $141.50. Wyckoff's Market Rating: 8.0

August feeder cattle closed down $2.30 at $202.87 Wednesday. Prices closed near the session low on heavy profit taking from recent strong gains.

Bulls still have the 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 the contract high of $205.40.

The next downside price breakout objective for the bears is to push and close prices below solid technical support at $200.55. First resistance is seen at $204.00 and then at today’s high of $204.45.

First support is seen at this week’s low of $202.17 and then at $201.00. Wyckoff's Market Rating: 8.0

TheCattleSite News Desk

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