Cattle Futures: Cattle Close Higher With Clues of a Top, Monday
US - Hints in the market could signal a top is near for cattle, reports TheCattleSite analyst Jim Wyckoff.
5 August 2014
2 minute read
August cattle closed up $0.92 at 158.22. August cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's session begins trading.
Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a top might be in or is near. Closes below the 20-day moving average crossing at 153.98 are needed to confirm that a short-term top has been posted.
If August extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is last Monday's high crossing at 160.20. Second resistance is unknown. First support is the 20-day moving average crossing at 153.98. Second support is the reaction low crossing at 146.80.
August feeder cattle closed up $0.70 at $220.97. August Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading.
Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 215.70 are needed to confirm that a short-term top has been posted. If August extends this summer's rally into uncharted territory, upside targets will be hard to project.
First resistance is last Wednesday's high crossing at 223.10. Second resistance is unknown. First support is the 20-day moving average crossing at 215.70. Second support is the reaction low crossing at 207.90. Third support is the reaction low crossing at 204.85.
TheCattleSite News Desk
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