by Jim Wyckoff, SeniorAnalyst TraderPlanet.com
DECEMBER LIVE CATTLE
December live cattle closed up $1.70 at $93.00 yesterday. Prices closed nearer the session low yesterday and were supported by short covering in a bear market. Bears still have the near-term technical advantage. Prices are still in a 14-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of $96.20. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the contract low of $91.30. First resistance is seen at $93.50 and then at $94.00. First support is seen at yesterday’s low of $92.65 and then at $92.30.
Wyckoff’s Market Rating: 2.0
NOVEMBER FEEDER CATTLE
November feeder cattle closed up $1.12 at $96.17 yesterday. Prices closed near the session low and were supported by short covering in a bear market. Bears are still in command. Prices are still in a steep 10-week-old downtrend on the daily bar chart. The next upside price objective for the feeder bulls is to push prices above solid technical resistance at $100.60, which would fill on the upside a downside price gap on the daily chart. The next downside price objective for the bears is to produce a close below solid technical support at the contract low of $95.05. First resistance is seen at $97.00 and then at $97.50. First support is seen at $96.00 and then at $95.75.
Wyckoff’s Market Rating: 2.0
DECEMBER LEAN HOGS
December lean hogs closed up $1.22 at $61.10 yesterday. Prices closed near the session low and were supported on short covering in a bear market. Hog bears still have the technical advantage. Prices are still in a steep 10-week- old downtrend on the daily bar chart. The next upside price objective for the bulls is to push prices above solid chart resistance at yesterday’s high of $62.70. The next downside price objective for the bears is pushing prices and closing below solid technical support at the contract low of $58.70. First resistance is seen at $62.00 and then at $62.70. First support is seen at yesterday’s low of $60.70 and then at $60.00.
Wyckoff’s Market Rating: 2.0
FEBRUARY PORK BELLIES
February pork bellies closed up $0.67 at $87.15 yesterday.Prices closed near the session high and scored a bullish “outside day” up on the daily bar chart yesterday. Short covering in a bear market was featured yesterday. Bears are still in near-term technical command. The next upside price objective for the bulls is pushing prices above solid technical resistance at $90.35, which is the top of a downside price gap on the daily chart. The next downside price objective for the bears is pushing and closing prices below solid technical support at the contract low of $83.45. First resistance is seen at $88.00 and then at $88.25. First support is seen at $86.00 and then at $85.00.
Wyckoff’s Market Rating: 2.0
