by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL LIVE CATTLE
April live cattle closed up $0.50 at $94.02 today. Prices closed near mid-range. Bulls are still struggling, technically. Bulls’ next upside price objective is to close prices above solid chart resistance at $95.50. The next downside technical objective for the bears is closing prices below solid support at last week’s low of $93.30. First resistance is seen at today’s high of $94.60 and then at $95.00. First support is seen at $93.50 and then at $93.30.
Wyckoff’s Market Rating: 3.5
MAY FEEDER CATTLE
May feeder cattle closed up $0.20 at $111.00 today. Prices closed near the session high today after hitting a fresh four-week low early on. Bulls are fading a bit. The next downside price objective for the bears is to produce a close below solid support at today’s low of $109.75. The next upside price objective for the feeder bulls is to push and close prices above solid resistance at $112.00. First resistance is seen at today’s high of $111.00 and then at $111.50. First support is seen at today’s low of $110.50 and then at $110.00.
Wyckoff’s Market Rating: 5.5
APRIL LEAN HOGS
April lean hogs closed up $0.35 at $64.55 today. Prices closed near the session high. Bears still have the near- term technical advantage. 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 $66.00. First resistance is seen at $65.00 and then at $65.50. First support is seen at $64.00 and then at $63.65.
Wyckoff’s Market Rating: 3.5
MAY PORK BELLIES
May pork bellies closed down $1.22 at $95.52 today. Prices closed nearer the session low. Serious near-term chart damage has occurred recently. The next upside price objective for the bulls is closing prices above solid technical resistance at $97.50. The next downside price objective for the bears is closing prices below solid chart support at $92.00. First resistance is seen at $96.00 and then at $97.00. First support is seen at today’s low of $94.35 and then at $94.00.
Wyckoff’s Market Rating: 6.5
