US - Cattle futures closed higher once again, hitting a record high yesterday for August feeders, reports Jim Wyckoff, TheCattleSite analyst.
August live cattle closed up the $3.00 limit at $155.32 on Thursday. Prices hit another contract high.
The cattle bulls still have the solid overall near-term technical advantage in this major and mature bull market. A three-month-old uptrend remains firmly in place on the daily bar chart.
This market will top out at some point, but nobody should try to stand in front of a freight train and pick a top with a naked short futures position, given the high volatility.
Bulls’ next upside price objective is to push and close prices above solid resistance at $157.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $151.00.
First resistance is seen at today’s contract high of $155.32 and then at $156.00. First support is seen at today’s low of $154.07 and then at $153.00. Wyckoff's Market Rating: 9.5
August feeder cattle closed up $2.10 at $218.30 Thursday. Prices hit another contract and record high today. The bulls have the strong overall near-term technical advantage in this very mature upside run.
Prices are in a five-month-old uptrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $220.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at this week’s low of $212.15. First resistance is seen at the contract high of $218.87 and then at $220.00.
First support is seen at $217.00 and then at today’s low of $216.57. Wyckoff's Market Rating: 9.0TheCattleSite News Desk
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