by Jim Wyckoff, SeniorAnalyst TraderPlanet.com
AUGUST LIVE CATTLE
August live cattle closed up $1.00 at $98.50 yesterday. Prices closed near the session high on short covering and bargain-hunting buying after recent steep losses. Bulls are still in technical trouble. Prices are still in a steep four-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is to push prices above solid resistance at $100.00. The next downside technical objective for the bears is pushing and closing prices below solid technical support at last week’s low of $97.30. First support is seen at $98.00 and then at $97.30. First resistance is seen at $99.00 and then at $99.15.
Wyckoff’s Market Rating: 5.0
AUGUST FEEDER CATTLE
August feeder cattle closed up $0.77 at $114.65 yesterday. Prices closed near the session high and closed at a fresh seven-week high close yesterday. Plunging corn futures prices have helped to boost the feeders recently. A six-week-old downtrend on the daily bar chart has been negated and the bulls have gained fresh upside technical momentum. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $115.00. The next downside price objective for the bears is to produce a close below solid support at $112.50. First resistance is seen at $115.00 and then at $115.50. First support is seen at yesterday’s low of $113.95 and then at $113.30.
Wyckoff’s Market Rating: 7.5
AUGUST LEAN HOGS
August lean hogs closed up $0.67 at $77.57 yesterday. Prices closed at a fresh four-week high close. Prices are in a steep three-week-old uptrend on the daily bar chart. Bulls still have upside technical momentum. The next upside price objective for the bulls is to push prices above solid chart resistance at $79.00. The next downside price objective for the bears is pushing prices below solid technical support at $75.00. First resistance is seen at yesterday’s high of $77.70 and then at last week’s high of $77.97. First support is seen at $77.00 and then at yesterday’s low of $76.45.
Wyckoff’s Market Rating: 7.0
AUGUST PORK BELLIES
August pork bellies closed up $0.20 at $63.70 yesterday. Prices closed near mid-range. Bears still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at last week’s high of $68.00. The next downside price objective for the bears is pushing and closing prices below solid chart support at the contract low of $62.10. First resistance is seen at $64.00 and then at yesterday’s high of $65.05. First support is seen at yesterday’s low of $62.90 and then at $62.10.
Wyckoff’s Market Rating: 1.0
