by Jim Wyckoff, Senior Analyst TraderPlanet.com
FEBRUARY LIVE CATTLE
February live cattle closed up $0.12 at $96.17 today. Prices closed near the session low. The bears still have the near-term technical advantage. A three- month-old downtrend is still in place from the September high. The next downside technical objective for the bears is closing prices below solid support at last week’s low of $94.52. Bulls’ next upside price objective is to close prices above solid chart resistance at $97.00. First resistance is seen at last week’s high of $96.80 and then at $97.00. First support is seen at today’s low of $96.00 and then at $95.65.
Wyckoff’s Market Rating: 3.5.
MARCH FEEDER CATTLE
March feeder cattle closed up $0.77 at $105.10 today. Prices closed near mid-range today and did hit a fresh three-week high. Short covering in a bear market was featured. Feeder bears still have the technical advantage. A four-month-old downtrend line is still in place on the daily bar chart. The next downside price objective for the bears is to produce a close below solid support at last week’s low of $102.85. The next upside price objective for the feeder bulls is to produce a close above solid resistance at $106.00. First resistance is seen at today’s high of $105.65 and then at $106.00. First support is seen at today’s low of $104.50 and then at $103.80.
Wyckoff’s Market Rating: 3.0
FEBRUARY LEAN HOGS
February lean hogs closed up $0.57 at $57.87 today. Prices closed near the session high on tepid short covering in a bear market. Prices hit a fresh contract low early on today. Bears still have the solid near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at today’s contract low of $57.00. The next upside price objective for the bulls is closing prices above solid chart resistance at $60.00. First resistance is seen at $58.50 and then at $59.00. First support is seen at today’s contract low of $57.00 and then at $56.00.
Wyckoff’s Market Rating: 1.5.
FEBRUARY PORK BELLIES
February pork bellies closed up $1.20 at $85.97 today. Prices closed nearer the session high after hitting a fresh seven-week low early on today. Prices are still in a five- week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at $89.00. The next downside price objective for the bears is closing prices below solid chart support at today’s low of $84.10. First resistance is seen at today’s high of $87.00 and then at $88.00. First support is seen at $85.00 and then at $84.50.
Wyckoff’s Market Rating: 3.5
