US - If the cattle bulls have been anything in recent months, they have been resilient, says TheCattleSite analyst, Jim Wyckoff.
October live cattle closed up $0.35 at 156.00 on Wednesday. Prices closed nearer the session high.
The cattle bulls still have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above strong resistance at the contract high of $160.75.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $153.00. First resistance is seen at this week’s high of $157.25 and then at $158.00.
First support is seen at today’s low of $154.72 and then at last week’s low of $154.42. Wyckoff's Market Rating: 7.0
October feeder cattle closed down $0.07 at 219.97 Wednesday. Mild profit taking was featured. The bulls still have the firm overall near-term technical advantage 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 the recent contract high of $224.35.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $217.00.
First resistance is seen at today’s high of 220.70 and then at this week’s high of $221.75. First support is seen at today’s low of $218.65 and then at last week’s low of $217.67. Wyckoff's Market Rating: 7.5TheMeatSite News Desk
IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.
Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.