by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST LIVE CATTLE
August live cattle closed down $0.20 at $104.65 yesterday. Prices closed nearer the session low yesterday in quieter trading after big gains to a fresh contract high on Friday. Mild profit taking from recent gains was featured yesterday. The bulls still have the solid near-term technical advantage, amid no solid early clues of a market top being close at hand. The bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $106.12. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $102.85. First resistance is seen at $105.00 and then at yesterday’s high of $105.25. First support is seen at yesterday’s low of $104.27 and then at $104.00.
Wyckoff’s Market Rating: 8.0
AUGUST FEEDER CATTLE
August feeder cattle closed down $0.47 at $113.10 yesterday. Prices closed near the session low yesterday on profit-taking pressure after hitting a fresh three-week high yesterday. The market was due for some profit taking after recent strong gains. Bulls still have near-term technical advantage. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at yesterday’s high of $115.00. The next downside price objective for the bears is to produce a close below solid support at $111.00. First resistance is seen at $114.00 and then at $114.20. First support is seen at yesterday’s low of $112.90 and then at $112.50.
Wyckoff’s Market Rating: 6.5
AUGUST LEAN HOGS
August lean hogs closed down $1.02 at $77.35 yesterday. Prices closed near the session low yesterday after hitting a fresh three-week high early on. There is strong overhead resistance at the May high of $79.30. If bulls can close prices above that level there would be solid upside price potential. Bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is to push prices above solid chart resistance at $79.30. The next downside price objective for the bears is pushing and closing prices below solid technical support at $76.00. First resistance is seen at $77.75 and then at $78.00. First support is seen at $77.00 and then at $76.60.
Wyckoff’s Market Rating: 5.0
JULY PORK BELLIES
July pork bellies closed down $0.05 at $73.00 yesterday in quiet trading. Prices closed near mid-range. Bears still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $76.00. The next downside price objective for the bears is pushing prices below solid chart support at the June low of $70.65. First resistance is seen at yesterday’s high of $73.50 and then at $74.00. First support is seen at yesterday’s low of $72.70 and then at $72.00.
Wyckoff’s Market Rating: 2.5
