Cattle Futures Breakout

Live Cattle (October)

In yesterday’s report and for the better part of the last two months we’ve been talking about selling the top end of the range, 129-130 and continuing to play that until we get confirmation of a breakout or breakdown. Yesterday was that breakout and there was some power behind it. Previous resistance now becomes support, that comes in from 129.875-130.475. On the resistance side, it’s hard to put a lot of significance on levels as momentum rules the day in uncharted territory. The Bulls will want to defend this pocket to keep the momentum in their court. Yesterday’s Cold Storage report came in at 401.259M lbs (38.917M lbs less than last year)...........Click this link to read the FULL report and receive our daily commentary