US - A much more bearish market can be seen in the feeder and live markets, with bears having slight near-term technical advantage.
October live cattle closed up $0.22 at 148.37 on Tuesday, reports TheCattleSite analyst Jim Wyckoff.
Prices closed near mid-range and saw more short covering. Bears still have the slight overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart, but now just barely.
Bulls’ next upside price objective is to push and close prices above solid resistance at last week’s high of $149.37.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $144.25.
First resistance is seen at today’s high of $149.00 and then at $149.37. First support is seen at today’s low of $147.90 and then at this week’s low of $147.07. Wyckoff's Market Rating: 4.5
October feeder cattle closed up $0.57 at 212.32 Tuesday. Prices closed near mid-range on more short covering.
A four-week-old downtrend is still in place on the daily bar chart, but now just barely. The bears still have the slight near-term technical advantage.
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 $207.50.
First resistance is seen at today’s high of $213.35 and then at $214.00. First support is seen at today’s low of $211.25 and then at $210.00. Wyckoff's Market Rating: 4.5
TheCattleSite News Desk
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