Cattle Futures: April Live Cattle Finish At $140.22
US - Another fresh contract high was hit by cattle prices yesterday, writes TheCattleSite analyst, Jim Wyckoff.
22 January 2014
2 minute read
Nearby futures are also now at record high levels. Also, record-high boxed beef and cash cattle prices recently are supporting the bull run in futures.
Live cattle futures bulls are in full technical control. History of commodity market prices shows that bull runs to record highs can see prices move higher than most market watchers would reckon.
Bulls' next upside price "breakout" objective is to push and close prices above solid resistance at $142.50.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at of $138.00.
First resistance is seen at today's contract high of $140.60 and then at $141.00. First support is seen at today's low of $139.65 and then at $139.00. Wyckoff's Market Rating: 9.0
March feeder cattle closed up $0.40 at $168.32 Tuesday. Prices closed nearer the session low. The bulls have the solid overall near-term technical advantage.
A bullish symmetrical triangle pattern has formed on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $170.00.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at the January low of $166.40.
First resistance is seen at today's high of $168.87 and then at the contract high of $169.40. First support is seen at $167.50 and then at $167.00. Wyckoff's Market Rating: 7.5
TheCattleSite News Desk
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