by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL LIVE CATTLE
April live cattle closed up $0.85 at $94.82 today. Prices closed near the session high on short covering and bargain-hunting buying following a bullish USDA cattle on feed report issued after the close on Friday and on news that cash cattle prices did fetch higher money on Friday. Still, trading has been choppy and has been in a sideways trading range for six weeks. 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 the February low of $93.30. First resistance is seen at $95.00 and then at $95.50. First support is seen at $94.50 and then at $94.00.
Wyckoff’s Market Rating: 4.5
MAY FEEDER CATTLE
May feeder cattle closed down $0.15 at $110.50 today. Prices closed nearer the session high today after hitting a fresh four-week low early on. The next downside price objective for the bears is to produce a close below solid support at today’s low of $109.50. 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 $111.00 and then at $111.50. First support is seen at $110.00 and then at $109.50.
Wyckoff’s Market Rating: 5.0
Source:
VantagePoint Intermarket Analysis SoftwareAPRIL LEAN HOGS
April lean hogs closed down the $3.00 limit at $60.50 today. Prices gapped sharply lower on the daily bar chart and hit a fresh contract low today, amid fresh fund selling and lower cash hog prices. A bearish USDA cold storage report Friday afternoon also helped sink the hog futures market. Serious near-term chart damage was inflicted today. Bears have solid downside technical momentum. The next downside price objective for the bears is pushing and closing prices below solid technical support at $58.00. The next upside price objective for the bulls is push and close prices above solid chart resistance at $63.45, which would fill on the upside today’s big downside price gap on the daily bar chart. First resistance is seen at $61.00 and then at $61.50. First support is seen at today’s contract low of $60.50 and then at $60.00.
Wyckoff’s Market Rating: 1.0
MAY PORK BELLIES
May pork bellies closed down $0.65 at $95.30 today. Prices closed near the session low today and scored a bearish “outside day” down on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at today’s high of $97.50. The next downside price objective for the bears is closing prices below solid chart support at $94.00. First resistance is seen at $96.00 and then at $97.00. First support is seen at today’s low of $94.90 and then at $94.50.
Wyckoff’s Market Rating: 6.5
