Livestock Roundup

Live Cattle (August) August live cattle manage to work higher but fell short of breaking out above our pivot pocket that we have defined as 99.85-101.90. This is a wider pocket than we would like to use, but there are so many significant indicators within these price points that we chose to make one wide pocket, instead of several tighter pockets right next to each other. This pocket contains the 50% retracement (middle of the range from contract highs to contract lows), previously important price points (from last week, to last fall) and the 100-day moving average. If the Bulls can chew through and achieve consecutive closes above the top end of this pocket, we could see prices accelerate higher, the next resistance pocket comes in near 105.....Contact us for the FULL report!

August Resistance: 104.40-105.97***, 107.925-109.325**** Pivot: 99.85-101.90 Support: 95.10-95.45****, 92.525-93.675***, 89.05-90.025*** Feeder Cattle (August) August feeder cattle made it to the top end of our pivot pocket yesterday but failed to breakout. We have defined our pivot pocket as 132.75-133.725. The Bulls need to see consecutive closes above this pocket to ignite a move back towards resistance, which we see coming in from 137.70-139.125. If the Bulls fail to find their footing an ultimately fail at the pivot pocket, we could see prices retreat to the low end of the recent range, 127.25-128.45. We remain optimistic that we can see prices work higher, but it is “go time” for the market to make that move.....Contact us for the FULL report!

Resistance: 137.70-139.125****, 145-146*** Pivot: 132.75-133.725 Support: 127.25-128.45***, 123.475-124.30***, 121.00-121.65**** Lean Hogs (June) Lean hogs started the week under pressure as t appears the market may try to retest support, a pocket that we have defined as 54.775-55.275. This is a MUST hold pocket. We believe the Bulls do have the advantage on the first test, but they need to defend it on a closing basis to keep that edge. Consecutive closes above 59.25-59.95 could be enough to spark a rally towards the top end of the recent range. Ultimately, we would not be surprised to see us settle into a $10 range in the coming weeks, potentially 55-65(ish).....Contact us for the FULL report!

Resistance: 61.00-62.10***, 66.025***, 68.75**** Pivot: 59.25-59.95 Support: 54.775-55.275**, 51.325-51.625***

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