by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER LIVE CATTLE
Wyckoff’s Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
OCTOBER FEEDER CATTLE
October feeder cattle closed up $0.17 at $117.37 today. Prices closed near mid-range. No chart damage has occurred recently. The feeder bulls still have the solid overall technical advantage. The next upside price objective for the feeder bulls is to produce a close above solid chart resistance at the contract high of $118.97. The next downside price objective for the bears is to produce a close below solid support at last week’s low of $116.50. First resistance is seen at today’s high of $117.85 and then at $118.25. First support is seen at today’s low of $117.00 and then at $116.50.
Wyckoff’s Market Rating: 8.0