Cattle Futures: October Live Cattle Closed up Wednesday24 July 2014
US - October live cattle closed up $0.05 at $157.90 Wednesday.
Prices hit another contract high today and closed near mid-range. Cash market fundamentals remain strongly bullish.
Bulls have good upside technical momentum to suggest still more upside price action in the near term.
The cattle bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above strong resistance at $160.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $153.92.
First resistance is seen at the contract high of $159.30 and then at $160.00. First support is seen at $157.00 and then at today’s low of $156.37.
Wyckoff's Market Rating: 8.0
October feeder cattle closed up $1.25 at $218.15 Wednesday.
Prices hit another two-week high and closed near mid-range. The bulls have the solid overall near-term technical advantage and have gained fresh upside momentum this week.
The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $220.40.
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 $211.80.
First resistance is seen at 219.00 and then at today’s high of $219.77. First support is seen at $217.00 and then at $216.00.
Wyckoff's Market Rating: 8.0TheCattleSite News Desk
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