Livestock Futures Commentary -- MrSwing

You Are Here: Home > Articles > Commentary > Livestock Futures Commentary

Livestock Futures Commentary
test localhost Oct 02, 2012

Jim Wyckoff

Get Your FREE Market Forecasts Here
More articles

Font Size:

December live cattle closed up $1.42 at $126.12 yesterday. Prices closed near the session high and saw short covering yesterday. The key "outside markets" were in a mildly bullish posture for cattle yesterday as the U.S. dollar index was weaker and crude oil prices were firmer. Cattle bears still have the overall near-term technical advantage. The bulls' next upside price breakout objective is to push and close prices above solid technical resistance at $127.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week's low of $123.95. First resistance is seen at $126.50 and then at $127.00. First support is seen at $125.50 and then at $125.00. Wyckoff's Market Rating: 3.5

November feeder cattle closed up $1.30 at $145.65 yesterday. Prices closed near the session high. Short covering in a bear market was featured yesterday. Near-term technical damage has been inflicted recently. Bears have the slight near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $148.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $143.00. First resistance is seen at $146.00 and then at $146.50. First support is seen at $145.00 and then at yesterday's low of $144.32. Wyckoff's Market Rating: 4.5

December lean hogs closed up $1.35 at $75.10 yesterday. Prices closed nearer the session high yesterday and saw short covering and some bargain hunting. The key "outside markets" were in a mildly bullish posture for hogs yesterday, as the U.S. dollar index was weaker and crude oil prices were firmer. Hog market bears have the slight overall near-term technical advantage. However, recent upside price action does hint that a market bottom is in place. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week's high of $75.65. The next downside price breakout objective for the bears is pushing prices below solid technical support at $72.50. First resistance is seen at yesterday's high of $75.32 and then at $75.65. First support is seen at $74.50 and then at $74.00. Wyckoff's Market Rating: 4.5