Live Cattle (June)
June live cattle traded both sides of unchanged during yesterday’s session, better than dropping like a rock, but not what the Bulls needed to sleep better at night. 117.15-115.85 is the pocket that the Bulls want to reclaim, this represents previously important price points including the breakdown point from last Thursday. If the Bulls can achieve consecutive closes above this pocket, we could start to see an inverse head and shoulders pattern form. A break and close below first support, 113.875-114.175, would likely take us to new lows for the move and our 4-star support pocket, 111.725-112.05.
Support: 113.875-114.175**, 111.725-112.05****
Feeder Cattle (August)
Feeder cattle continued to work higher yesterday, achieving their highest daily close in a month (since April 20th). This close was above our resistance pocket, but the Bulls will want to see follow through and confirmation in today’s session, before getting too comfortable.
Resistance: 154.30-155.25***, 158.00-158.975**
Support: 150**, 141.50-142.20**
Lean Hogs (June)
June lean hogs are continuing to bleed lower, in an orderly fashion, which is a little surprising. Our pivot pocket remains intact from 109.725-110.075. If the Bulls fail to reclaim this pocket, we could see the long liquidation continue to take us lower. The next support pocket comes in from 103.00-103.875.
Support: 103.00-103.875**, 100.925-101.10***
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