US - The bulls are fading as a market top appears, negating a three month old up-trend, reports Jim Wyckoff, TheCattleSite analyst.
August live cattle closed down $0.95 at $148.17 Monday. Prices closed near mid-range. The cattle bulls still have the overall near-term technical advantage but are fading.
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 today’s high of $149.35. First support is seen at today’s low of $147.27 and then at last week’s low of $146.57. Wyckoff's Market Rating: 6.0
August feeder cattle closed up $0.62 at $211.00 Monday. Prices closed near mid-range on a corrective bounce from recent selling pressure.
The bulls still have the overall near-term technical advantage but have faded. A five-month-old uptrend on the daily bar chart has been negated to suggest a market top is in place.
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 last week’s low of $207.65.
First resistance is seen at today’s high of $212.37 and then at $213.00. First support is seen at today’s low of $209.20 and then at $208.00. Wyckoff's Market Rating: 6.0
TheCattleSite News Desk
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