February live cattle closed down $0.12 at $130.27 yesterday. Prices closed near mid-range yesterday. Trading has been choppy recently. Cattle bulls and bears are on a level near-term technical playing field. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at $131.80. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $129.00. First resistance is seen at $130.75 and then at $131.00. First support is seen at $130.00 and then at last week’s low of $129.77. Wyckoff’s Market Rating: 5.0
March feeder cattle closed up $1.05 at $152.20 yesterday. Prices closed near the session high and hit a fresh seven-week high yesterday. The bulls have gained good upside near-term technical momentum and have the overall chart advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the October high of $153.20. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $150.00. First resistance is seen at $152.50 and then at $153.20. First support is seen at yesterday’s low of $151.30
and then at $150.60. Wyckoff’s Market Rating: 6.0
February lean hogs closed up $0.45 at $83.92 yesterday. Prices closed near the session high on short covering following recent strong selling pressure. Prices Friday sold off sharply to hit a fresh four-week low. The hog bears now have the slight overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the October high of $86.05. The next downside price breakout objective for the bears is pushing prices below solid technical support at the November low of $82.65. First resistance is seen at $84.35 and then at $85.00. First support is seen at last week’s low of $83.20 and then at $82.65. Wyckoff’s Market Rating: 4.5
