by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE LIVE CATTLE
June live cattle closed down $0.15 at 90.82 yesterday. Prices closed nearer the session low in quieter trading. The bears still have the solid near-term technical advantage. The next downside technical objective for the bears is closing prices below solid support at last week’s low of $89.80. Bulls’ next upside price objective is to close prices above solid chart resistance at last week’s high of $91.75. First resistance is seen at yesterday’s high of $91.20 and then at $91.50. First support is seen at $90.50 and then at $90.00.
Wyckoff’s Market Rating: 2.5
MAY FEEDER CATTLE
May feeder cattle closed down $1.00 at $106.35 yesterday. Prices closed nearer the session low on a pullback from big gains scored on Thursday. Bulls still have some upside technical momentum and technical odds still suggest a near-term low is in place. Sharply higher corn futures prices yesterday did pressure the feeders. Bears still have the overall near-term technical advantage. The next downside price objective for the bears is to produce a close below solid technical support at $105.00. The next upside price objective for the feeder bulls is to push and close prices above solid resistance at last week’s high of $107.40. First resistance is seen at $107.00 and then at $107.40. First support is seen at $106.00 and then at $105.30.
Wyckoff’s Market Rating: 3.0
JUNE LEAN HOGS
June lean hogs closed down $0.37 at $71.70 yesterday. Prices closed nearer the session low. Bears are still in technical command. A six-week-old downtrend is still in place on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $70.10. The next upside price objective for the bulls is to push and close prices above solid chart resistance at $72.90, which would fill on the upside a downside price gap on the daily bar chart. First resistance is seen at $72.00 and then at yesterday’s high of $72.60. First support is seen at yesterday’s low of $71.30 and then at $71.00.
Wyckoff’s Market Rating: 2.0
MAY PORK BELLIES
May pork bellies closed up $0.75 at $76.60 yesterday. Prices closed near the session low. Serious near-term chart damage has been inflicted recently. The next upside price objective for the bulls is closing prices above solid technical resistance at yesterday’s high of $78.70. The next downside price objective for the bears is closing prices below solid chart support at the contract low of $73.65. First resistance is seen at $77.00 and then at $78.00. First support is seen at yesterday’s low of $75.80 and then at $75.00.
Wyckoff’s Market Rating: 2.0
