Livestock Futures Commentary from Jim Wyckoff -- MrSwing

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Livestock Futures Commentary from Jim Wyckoff
test localhost Sep 06, 2012

Jim Wyckoff

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LIVESTOCK: October live cattle closed up $0.15 at
$126.32 today. Prices closed near mid-range today, hit a
fresh nearly three-week high and saw more short covering.
Bulls have the slight near-term technical advantage. The
bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at the August
high of $127.22. The next downside technical breakout
objective for the bears is pushing and closing prices below
solid technical support at the August low of $123.40. First
resistance is seen at today's high of $126.70 and then at
$127.22. First support is seen at today's low of $125.85
and then at $125.25. Wyckoff's Market Rating: 5.5

October feeder cattle closed up $0.17 at $147.12 today.
Prices closed near the session low today in quieter trading
but did hit another fresh seven-week high today. Feeder
cattle bulls have the near-term technical advantage. Prices
are in a six-week-old uptrend on the daily bar chart. The
next upside price breakout objective for the feeder bulls
is to push and close prices above solid technical
resistance at 150.00. The next downside price breakout
objective for the bears is to push and close prices below
solid technical support at $144.00. First resistance is
seen at today's high of $147.80 and then at $148.50. First
support is seen at $146.50 and then at $146.00. Wyckoff's
Market Rating: 6.0

October lean hogs closed down $0.57 at $73.62 today. Prices
closed nearer the session low today and scored a bearish
"outside day" down on the daily bar chart. Hog bears still
have the overall near-term technical advantage. However, my
bias is that the downside is limited for hog futures at
present price levels. The next upside price breakout
objective for the hog bulls is to push and close prices
above solid chart resistance at $75.50. The next downside
price breakout objective for the bears is pushing prices
below solid technical support at $70.00. First resistance
is seen at $74.00 and then at $74.50. First support is seen
at today's low of $73.12 and then at the contract low of
$72.30. Wyckoff's Market Rating: 2.0