Cattle Futures: June Live Cattle Closed Down Thursday16 May 2014
US - June live cattle closed down $0.05 at $137.40 Thursday.
Prices closed nearer the session high today after hitting a two-week low early on. The bulls have the overall near-term technical advantage. However, prices have been trending lower for two weeks.
Bulls’ next upside price objective is to push and close prices above solid resistance at this week’s high of $138.70.
The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $136.00.
First resistance is seen at Wednesday’s high of $138.00 and then at $138.50. First support is seen at today’s low of $136.75 and then at $136.50. Wyckoff's Market Rating: 6.0
August feeder cattle closed down $0.02 at $192.42 Thursday. Prices closed nearer the session low on mild profit taking after seeing a contract high close Wednesday.
Bulls have the solid overall near-term technical advantage.
The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the contract and record high of $193.47.
The next downside price breakout objective for the bears is to push and close prices below solid technical support at $187.75.
First resistance is seen at $192.70 and then at $193.00. First support is seen at $192.00 and then at $191.50. Wyckoff's Market Rating: 8.0
TheCattleSite News Desk
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