April live cattle closed up $0.02 at $132.30 yesterday. Prices closed near mid-range yesterday. Cattle market bulls and bears are back on a level near-term technical playing field. However, a bull flag pattern has formed on the daily bar chart. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at last week’s high of $133.65. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $131.25. First resistance is seen at yesterday’s high of $132.70 and then at this week’s high of $133.10. First support is seen at last week’s low of $131.95 and then at $131.25. Wyckoff’s Market Rating: 5.0
March feeder cattle closed down $0.35 at $148.52 yesterday. Prices closed near the session low yesterday. The feeder bulls still have the slight near-term technical advantage but need to show fresh power soon to keep it. A bull flag 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 last week’s high of $150.45. The next downside price breakout objective for the bears is to push and close prices below solid technical support at the November low of $146.85. First resistance is seen at $149.00 and then at yesterday’s high of $149.65. First support is seen at this week’s low of $148.12 and then at 147.50. Wyckoff’s Market Rating: 5.5
April lean hogs closed down $0.65 at $87.70 yesterday. Prices closed nearer the session low yesterday. The hog bulls and bears are on a level near-term technical playing field, but the bulls are now fading and need to show fresh power very soon. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $90.25. The next downside price breakout objective for the bears is pushing prices below solid technical support at the January low of $86.90. First resistance is seen at yesterday’s high of $88.00 and then at $88.65. First support is seen at $87.50 and then at $87.10. Wyckoff’s Market Rating: 5.0
