by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL LIVE CATTLE
April live cattle closed steady at $95.10 today. Prices closed near the session low. Bulls were disappointed the futures could not do much today after cash cattle prices fetched solidly higher price levels late Friday. But prices are still in a three-week-old uptrend from the January low. Bulls’ next upside price objective is to close prices above solid chart resistance at last week’s high of $96.30. The next downside technical objective for the bears is closing prices below solid support at $94.25. First resistance is seen at $95.50 and then at today’s high of $95.92. First support is seen at $95.00 and then at $94.50.
Wyckoff’s Market Rating: 5.0
MARCH FEEDER CATTLE
March feeder cattle closed up $0.87 at $105.90 today. Prices closed near mid-range today after hitting a fresh six-week high. Bulls still have upside technical momentum on their side and gained more strength today. Weaker corn futures prices aided the feeder bulls today. A three-week- old uptrend is in place on the daily bar chart from the contract low. The next downside price objective for the bears is to produce a close below solid support at $104.00. The next upside price objective for the feeder bulls is to push and close prices above solid resistance at $107.00. First resistance is seen at today’s high of $106.50 and then at $107.00. First support is seen at today’s low of $105.50 and then at $105.00.
Wyckoff’s Market Rating: 6.0
APRIL LEAN HOGS
April lean hogs closed up $0.20 at $65.07 today. Prices closed near mid-range. Bulls have faded recently. The next downside price objective for the bears is pushing and closing prices below solid technical support at $63.65, which would fill on the downside a big upside price gap on the daily bar chart. The next upside price objective for the bulls is push and close prices above solid chart resistance at $66.50. First resistance is seen at today’s high of $65.70 and then at $66.00. First support is seen at last week’s low of $64.50 and then at $64.00.
Wyckoff’s Market Rating: 4.5
MAY PORK BELLIES
May pork bellies closed down $0.17 at $98.05 today. Prices closed near the session low but did hit a fresh eight-month high today. The next upside price objective for the bulls is closing prices above solid technical resistance at $100.00. The next downside price objective for the bears is closing prices below solid chart support at $96.65, which would fill on the downside last week’s upside price gap on the daily bar chart. First resistance is seen at $99.00 and then at today’s high of $99.50. First support is seen at $97.50 and then at $96.65.
Wyckoff’s Market Rating: 8.0
