by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE LIVE CATTLE
June live cattle closed down $0.37 at $91.95 yesterday. Prices closed nearer the session low on profit- taking pressure from recent gains. Selling pressure was limited yesterday in the wake of a bullish USDA cattle on feed report Friday afternoon and stronger boxed beef prices yesterday. Bulls still have some upside technical momentum as a four-week-old uptrend is in place on the daily bar chart. The next downside technical objective for the bears is pushing prices below solid technical support at $90.15, which would fill on the downside an upside price gap on the daily chart. Bulls’ next upside price objective is to push and close prices above solid chart resistance at last week’s high of $93.15. First resistance is seen at $92.00 and then at $92.50. First support is seen at yesterday’s low of $91.70 and then at $91.25.
Wyckoff’s Market Rating: 6.0
MAY FEEDER CATTLE
May feeder cattle closed up $0.30 at $106.02 yesterday. Prices closed nearer the session low yesterday. The bulls have upside technical momentum as a four-week-old uptrend is in place on the daily bar chart. The next downside price objective for the bears is to produce a close below solid support at $104.25, which would fill on the downside an upside price gap. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $107.40. First resistance is seen at yesterday’s high of $106.45 and then at last week’s high of $106.75. First support is seen at $105.65 and then at $105.00.
Wyckoff’s Market Rating: 6.0
JUNE LEAN HOGS
June lean hogs closed down $1.37 at $72.97 yesterday. Prices closed near the session low on profit-taking pressure from recent gains and no chart damage occurred yesterday. The bulls still have some upside technical momentum, amid several bullish chart formation that have occurred recently. The next upside price objective for the bulls is to push and close prices above solid chart resistance at last week’s high of $75.17. The next downside price objective for the bears is pushing prices below solid technical support at $72.00, which would fill on the downside a big upside price gap on the daily bar chart. First resistance is seen at$73.45 and then at $74.00. First support is seen at yesterday’s low of $72.80 and then at $72.50.
Wyckoff’s Market Rating: 5.5
JULY PORK BELLIES
July pork bellies closed down $2.45 at $75.50 yesterday. Prices closed nearer the session low. Bulls are fading. The next upside price objective for the bulls is closing prices above solid technical resistance at last week’s high of $81.75. The next downside price objective for the bears is pushing prices below solid chart support at $71.30. First resistance is seen at $76.00 and then at $77.00. First support is seen at yesterday’s low of $75.00 and then at $74.00.
Wyckoff’s Market Rating: 3.0
