Live Cattle (April)
April live cattle managed to stage a continuation of yesterday’s rally, but it lacked the conviction that we saw in the broader markets. We still think there is an opportunity for prices to grind higher over the next week, but bulls should temper their expectations. 123.075-123.45 is that next resistance pocket, one that we would like to sell against on the first test. This pocket represents the gap from January 24th, the 100-day moving average, a key retracement, and other previously important price points.