US - A major price move was expected and it came yesterday, reports Jim Wyckoff, TheCattleSite analyst.
Smaller daily trading ranges preceded a $2.95 lift in August futures at $150.62 Thursday. Prices closed near the session high.
The cattle bulls remain resilient and have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at $153.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the July low of $146.57.
First resistance is seen at $151.00 and then at $152.00. First support is seen at $150.00 and then at today’s low of $149.20. Wyckoff's Market Rating: 6.5
August feeder cattle closed up $2.32 at $212.15 Thursday. Prices closed near the session high. The bulls have the overall near-term technical advantage.
However, a bear flag pattern is still in place 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 $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 this week’s high of $212.97 and then at $214.00. First support is seen at $211.00 and then at today’s low of $210.32. Wyckoff's Market Rating: 6.5
TheCattleSite News Desk
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