US - Cattle bulls still have the overall near-term technical advantage but are fading quickly, reports Jim Wyckoff, TheCattleSite analyst.
August live cattle closed down $2.57 at $148.22 on Thursday. Prices closed near the session low and hit a three-week low on more heavy profit taking and weak long liquidation.
A three-month-old uptrend on the daily bar chart was at least temporarily negated today.
Bulls’ next upside price objective is to push and close prices above solid resistance at $151.50.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $146.00. First resistance is seen at $149.00 and then at $150.00.
First support is seen at today’s low of $147.95 and then at $147.50. Wyckoff's Market Rating: 6.0
August feeder cattle closed down the $3.00 limit at $210.50 Thursday. Prices hit a two-week low and saw more heavy profit taking and weak long liquidation.
The bulls still have the overall near-term technical advantage but are now fading quickly.
A five-month-old uptrend on the daily bar chart was negated today. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $215.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $208.00.
First resistance is seen at $211.00 and then at $212.00. First support is seen at $210.00 and then at $209.00. Wyckoff's Market Rating: 6.0
TheCattleSite News Desk
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