by Jim Wyckoff, Senior Analyst TraderPlanet.com
FEBRUARY LIVE CATTLE
February live cattle closed down $0.15 at $98.55 today. Prices closed nearer the session low today on a mild profit-taking pullback after strong gains that hit a fresh four-week high and a bullish weekly high close on Friday. Bulls have gained some fresh upside technical momentum as a two-month-old downtrend on the daily bar chart has been negated. Bulls’ next upside price objective is to close prices above solid chart resistance at $99.00. The next downside technical objective for the bears is closing prices below solid support at $97.45. First resistance is seen at $99.00 and then at $99.30. First support is seen at today’s low of $98.35 and then at $98.00.
Wyckoff’s Market Rating: 6.0.
JANUARY FEEDER CATTLE
January feeder cattle closed up $0.25 at $110.95 today. Prices hit a fresh four-week high today and closed nearer the session high. Bulls have fresh upside technical momentum after producing a weekly high close on Friday. The next downside price objective for the bears is to produce a close below solid support at last week’s low of $108.30. The next upside price objective for the feeder bulls is to produce a close above solid resistance at $112.00. First resistance is seen at today’s high of $111.22 and then at $111.50. First support is seen at today’s low of $110.50 and then at $110.00.
Wyckoff’s Market Rating: 6.0
FEBRUARY LEAN HOGS
February lean hogs closed down $0.25 at $62.57 today. Prices closed nearer the session low on mild profit-taking pressure from recent gains. Prices Friday hit a fresh four- week high. Bulls have fresh upside technical momentum on their side. The next downside price objective for the bears is closing prices below technical support at $61.00. The next upside price objective for the bulls is closing prices above solid chart resistance at today’s high of $63.50. First resistance is seen at $63.00 and then at $63.50. First support is seen at today’s low of $62.25 and then at $62.00.
Wyckoff’s Market Rating: 5.5.
FEBRUARY PORK BELLIES
February pork bellies closed down $1.52 at $91.97 today. Prices closed near the session low today on profit taking after hitting a fresh three-month high and closing at a bullish weekly high close on Friday. No chart damage occurred today. The bulls still have upside technical momentum. The next upside price objective for the bulls is closing prices above solid technical resistance at last week’s high of $94.50. The next downside price objective for the bears is closing prices below solid chart support at $90.00. First resistance is seen at $93.00 and then at $94.00. First support is seen at $91.00 and then at $90.50.
Wyckoff’s Market Rating: 6.5
