Livestock Futures Commentary
October live cattle closed up $0.25 at $115.75 yesterday. Prices closed near mid-range and saw short covering following strong selling pressure late last week. A bearish USDA cattle-on-feed report issued Friday afternoon did limit buying interest yesterday. A bear flag or bearish pennant pattern may now be forming on the daily bar chart. Serious near-term technical damage has been inflicted recently. Bears have the overall near-term technical advantage. The cattle bulls' next upside price breakout objective is to push and close prices above solid technical resistance at $118.50. The next downside technical breakout
objective for the bears is pushing and closing prices below solid technical support at the July low of $114.25. First resistance is seen at yesterday's high of $116.22 and then at $117.00. First support is seen at yesterday's low of $115.25 and then at last week's low of $114.85.
Wyckoff's Market Rating: 4.0
Source: VantagePoint Intermarket Analysis Software
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October feeder cattle closed up $0.47 at $134.57 yesterday. Prices closed near mid-range yesterday and saw short covering. A minor bear flag has formed on the daily bar chart. Bears have the near-term technical advantage. Prices are in a seven-week-old downtrend on the daily bar chart. The next upside price objective for the feeder bulls is to push and close prices above technical resistance at $138.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $132.00. First resistance is seen at yesterday's high of $135.05 and then at $135.50. First support is seen at yesterday's low of $134.00 and then at last week's low of $133.70.
Wyckoff's Market Rating: 4.0
October lean hogs closed up $0.57 at $88.95 yesterday. Prices closed near mid-range yesterday and saw short covering. Bears still have the slight overall near-term technical advantage. The next upside price breakout objective for the bulls is to push and close prices above solid chart resistance at last week's high of $90.55. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week's low of $86.55. First resistance is seen at yesterday's high of $89.25 and then at $90.00. First support is seen at yesterday's low of $88.50 and then at $88.00.
Wyckoff's Market Rating: 4.5
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