February live cattle closed up $0.15 at $132.45 yesterday. Prices closed near mid-range yesterday. More profit taking was seen yesterday and no serious chart damage has occurred recently. However, the bulls have faded a bit and need to step up and show some fresh power soon. Cattle bulls still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the December high of $134.40. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $131.00. First resistance is seen at yesterday’s high of $133.10 and then at this week’s high of $133.80. First support is seen at yesterday’s low of $132.02 and then at $131.77. Wyckoff’s Market Rating: 6.5
March feeder cattle closed down $0.40 at $153.87 yesterday. Prices closed near the session low yesterday and saw more profit taking. The feeder bulls still have the overall near-term chart advantage. A bullish pennant or flag pattern has formed on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the December high of $157.07. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $152.50. First resistance is seen at $154.50 and then at $155.00. First support is seen at last week’s low of $153.72 and then at 153.00. Wyckoff’s Market Rating: 6.0
February lean hogs closed up $0.45 at $86.17 yesterday. Prices closed near the session high yesterday. A four-month-old
uptrend is still in place on the daily chart. The bulls still have the overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the November contract high of $88.25. The next downside price breakout objective for the bears is pushing prices below solid technical support at the December low of $83.20. First resistance is seen at yesterday’s high of $86.30 and then at $86.75. First support is seen at $85.50 and then at this week’s low of $84.90. Wyckoff’s Market Rating: 6.5
