US - Wednesday's cattle markets finished to position traders for a steady to higher opening on Thursday, reports Jim Wyckoff, TheCattleSite analyst.
October live cattle closed up $0.82 at 157.02. October cattle finished higher on Wednesday with a mid-range close.
Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible near-term.
Closes below the 20-day moving average crossing at 153.47 would confirm that a double top has been posted.
If October renews the rally off August's low, July's high crossing at 160.70 is the next upside target. First resistance is last Wednesday's high crossing at 160.50.
Second resistance is July's high crossing at 160.70. First support is Tuesday's low crossing at 154.95. Second support is the 20-day moving average crossing at 153.47.
October feeder cattle closed up $2.22 at $228.10. October Feeder cattle gapped up and closed higher on Wednesday.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.
If October extends the rally off August's low into uncharted territory, upside targets will be hard to project.
Closes below the 20-day moving average crossing at 219.77 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 228.30. Second resistance is unknown. First support is the 10-day moving average crossing at 225.85. Second support is the 20-day moving average crossing at 219.77.
TheCattleSite News Desk
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