by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE LIVE CATTLE
June live cattle closed down $0.90 at $91.22 yesterday. Prices hit a fresh three-week low and closed near the session low yesterday. Near-term chart damage has been inflicted recently, including more yesterday. A bearish broadening pattern has formed on the daily bar chart the past three weeks. The next downside technical objective for the bears is pushing and closing prices below solid technical support at $90.50. Bulls’ next upside price objective is to push and close prices above solid chart resistance at $93.05, which would fill on the upside a downside price gap on the daily chart. First resistance is seen at $91.60 and then at $92.00. First support is seen at $91.00 and then at $90.45.
Wyckoff’s Market Rating: 4.5
AUGUST FEEDER CATTLE
August feeder cattle closed up $0.15 at $108.30 yesterday. Prices closed near the session high yesterday and were supported by lower corn prices. The next downside price objective for the bears is to produce a close below solid support at last week’s low of $107.20. The next upside price objective for the feeder bulls is to push and close prices above solid technical resistance at $109.00. First resistance is seen at yesterday’s high of $108.35 and then at $108.80. First support is seen at $109.00 and then at yesterday’s low of $107.35.
Wyckoff’s Market Rating: 5.0
JUNE LEAN HOGS
June lean hogs closed up $1.25 at $73.20 yesterday. Prices closed nearer the session high yesterday, amid stronger cash hog prices to start the week. Bulls are trying to recover from last week’s chart damage. The next upside price objective for the bulls is to push prices above solid chart resistance at $75.05, which would fill on the upside last week’s downside price gap on the daily bar chart. The next downside price objective for the bears is pushing prices below solid technical support at last week’s low of $70.80. First resistance is seen at yesterday’s high of $73.50 and then at $74.00. First support is seen at $73.00 and then at yesterday’s low of $72.25.
Wyckoff’s Market Rating: 5.0
JULY PORK BELLIES
July pork bellies closed up $0.15 at $74.85 yesterday. Prices closed nearer the session low. Bears still have the technical advantage as a three-week-old downtrend is in place on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at $78.00. The next downside price objective for the bears is pushing prices below solid chart support at last week’s low of $72.50. First resistance is seen at $75.00 and then at $76.00. First support is seen at yesterday’s low of $74.85 and then at $74.00.
Wyckoff’s Market Rating: 3.0
