Live Cattle (August)
August live cattle retreated early yesterday but managed to close off the lows and finish in positive territory. The ability to hold technical support while we consolidate is shaping up to look like a bull-flag on the chart. Technical resistance remains intact, the bulls want to see a conviction close above 99.85-101.90 to encourage another surge higher. 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.....Contact us for the FULL report!
Cattle on Feed will be out today, after the close. Estimates are as follows: On Feed 94.8%; Placements 76.3%; Marketings 74%.
Resistance: 104.40-105.97***, 107.925-109.325****
Support: 95.10-95.45****, 92.525-93.675***, 89.05-90.025***
Feeder Cattle (August)
Feeder cattle finished yesterday’s session on uneasy footing as the market treads near significant support. Wee see that as 127.25-128.45. This pocket represents a key Fibonacci retracement, the 50-day moving average, and previously important price points. If you want to be long Feeder Cattle, this is a decent risk reward spot to consider buying. With that said, the Bulls MUST defend this pocket, a failure to do so could break us down towards 124.....Contact us for the FULL report!
Resistance: 137.70-139.125****, 145-146***
Support: 127.25-128.45***, 123.475-124.30***, 121.00-121.65****
Lean Hogs (June)
The bulls managed to hold our 4-star technical support pocket this week which invited buyers back into the market yesterday, taking prices back to our pivot pocket. If the bulls can achieve consecutive closes above this pivot area, we would expect to see another leg higher and a potential run towards the recent highs of 66.025.....Contact us for the FULL report!
Resistance: 61.00-62.10***, 66.025***, 68.75****
Support: 54.775-55.275****, 51.325-51.625***
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