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Cattle Pricing
Oct 31, 2006 - Notions of a selling "exhaustion tail" on the daily bar chart have been dashed.
LIVESTOCK: December live cattle closed down $0.60 at $88.67 today. Prices closed near the session low today on profit-taking pressure after hitting a fresh four-week high late last week. Trading has again turned choppy. Bulls still have the light near-term technical advantage. Bulls' next upside price objective is closing prices above solid resistance at last week's high of $90.85. The bears' next downside price objective is closing prices below solid chart support at $88.00. First resistance is seen at $89.00 and then at $89.50. First support is seen at $88.50 and then at $88.00. Wyckoff's Market Rating: 5.5. January feeder cattle closed down $0.40 at $100.95 today. Prices closed near the session low and hit a fresh five- month low. Notions of a selling "exhaustion tail" on the daily bar chart have been dashed. Bears are still in near- term command. A seven-week-old downtrend line is still in place on the daily bar chart. The next downside price objective for the bears is closing prices below solid support at $100.00. It will take a close above solid resistance at $105.00 to begin to provide the bulls some fresh upside technical momentum. First resistance is seen at today's high of $101.75 and then at $102.50. First support is seen at today's low of $100.67 and then at $100.00. Wyckoff's Market Rating: 2.5. December lean hogs closed up $0.65 at $65.25 today. Prices closed near the session high today and hit a fresh two- month high. The bulls have quickly taken control of this market. Fresh commodity fund buying and panic short covering have been featured. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $65.60. The next downside price objective for the bears is filling last week's upside price gap on the daily bar chart. That means pushing prices below $61.60. First resistance is seen at $65.60 and then at $67.00. First support is seen at $65.00 and then at $64.50. Wyckoff's Market Rating: 8.0. February pork bellies closed up $1.55 at $93.57 today. Prices closed near the session high and hit a fresh two- month high today. Bulls have gained solid upside technical strength recently. The next upside price objective for the bulls is closing prices above solid technical resistance at the contract high of $96.00. The next downside price objective for the bears is filling on the downside last week's upside price gap on the daily bar chart. That means pushing prices below $89.90. First resistance is seen at today's high of $93.90 and then at $94.00. First support is seen at $93.00 and then at today's low of $92.25. Wyckoff's Market Rating: 8.0
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Disclaimer: Please note that charts and commentary provided by the moderator are for educational purposes only. Any trades placed upon reliance on the moderator’s charts or information is taken at your own risk for your own account. Past performance is no guarantee of future results. While there is great potential for reward trading stocks, futures and options, there is also substantial risk of loss and you must decide your own suitability to trade. Future trading results can never be guaranteed. This is not an offer to buy or sell stock, futures, options or commodity interests. Most trading systems are based on historical formulas which have worked in the past. However, what has happened before may or may not happen again. You can lose all your money trading stocks, futures, and options and you must decide your own suitability as to whether or not to trade. Only trade with true risk capital you can afford to lose. Only trade markets you can properly afford to trade. Properly funded trading accounts typically perform better than those that are not. Never risk more than 2-3% of your account on any one trade. Always define your risk before entering a trade and place a stop to limit your risk. There are no guarantees or certainties in trading. Trading involves hard work, risk, discipline and the ability to follow rules and trade through any tough periods during a system’s draw downs. If you are looking for a guarantee, trading is probably not for you. Most people lose money trading. One of the reasons is that they lack discipline and are unable to be consistent. A system can help you become consistent. Ironically, worrying about the monetary aspect of trading can contribute to and cause a trader to make trading errors. Therefore, it is important to only trade with true risk capital.
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by Jim
Wyckoff - 
