US - Bulls enjoyed momentum on Wedensday as live cattle closed at $155.42 at the Chicago Mercantile Exchange, writes TheCattleSite analyst Jim Wyckoff.
Bulls’ next upside price objective is to push and close prices above solid resistance at $158.00.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $151.75.
First resistance is seen at $156.00 and then at $156.50. First support is seen at $155.00 and then at $154.00. Wyckoff's Market Rating: 7.0
October feeder cattle closed up the $3.00 limit at 221.82 Wednesday. Prices hit a four-week high today.
The bulls have regained the solid near-term technical advantage, to suggest a retest or push above of the July contract high.
The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $224.30.
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 $217.37.
First resistance is seen at $222.00 and then at $223.00. First support is seen at $221.00 and then at $220.00. Wyckoff's Market Rating: 8.0TheCattleSite News Desk
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