Live Cattle (October)
October live cattle gaped lower on yesterday’s open, following Friday’s bearish cattle on feed report. The gap will be first resistance this week, see that from 109.05-109.40. If the Bull camp fails to reclaim ground above this pocket, we could see continued long liquidation take prices lower. The first support was tested yesterday and held; we have defined that pocket as 106.70-107.30. A break and close below this pocket would neutralize the Bullish technical developments over the last two and a half months.