Cattle Futures: Cattle Closed Down on Thursday08 August 2014
US - October live cattle closed limit down of $3.00 at 152.95 Thursday. Prices closed nearer the session low and hit a three-week low today.
Worries about the beef market fundamentals weakening at such high price levels sunk the futures market today. The cattle bulls still have the overall near-term technical advantage, but faded badly today.
Follow-through selling pressure and a bearish weekly low close on Friday would be one clue of a market top being in place. Bulls’ next upside price objective is to push and close prices above strong resistance at this week’s high of $157.25.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $150.00. First resistance is seen at $154.00 and then at $155.00. First support is seen at $152.50 and then at $152.00. Wyckoff's Market Rating: 6.0
October feeder cattle closed down the $3.00 limit at 216.97 Thursday. Heavy profit taking was featured. The bulls still have the overall near-term technical advantage, but faded today in this very mature bull market run.
The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at this week’s high of $221.75. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $215.00. First resistance is seen at 217.50 and then at $218.00. First support is seen at $216.00 and then at $215.00. Wyckoff's Market Rating: 6.5
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