Sep 23, 2014
Home| Tools| Events| Blogs| Discussions Sign UpLogin

Feeder Cattle Traders Eye Key Chart Levels

March 4, 2009
 
 
 

    May feeder cattle futures at the Chicago Mercantile Exchange have seen very choppy trading conditions the past six weeks. Prices at present are in the middle of a choppy trading range bound by strong technical resistance at the February high of $99.30 and by strong technical support at the February low of $90.50.
    The direction in which May feeders "break out" of the aforementioned trading range is likely to be the direction of the next significant near-term price trend of the market.
    Near term, the feeder cattle bulls need to push and close May futures prices above solid chart resistance at this week's high of $96.70 to gain some fresh upside near-term technical momentum.
    The next downside price objective for the feeder bears is to push and close May futures prices below solid technical support at $92.50.
    Seasonality studies do show cattle futures prices rallying from the February timeframe into the August timeframe.

 

See Comments

RELATED TOPICS: Beef, Livestock, Fed Cattle

 
Log In or Sign Up to comment

COMMENTS

No comments have been posted



Name:

Comments:

Receive the latest news, information and commentary customized for you. Sign up to receive the AgWeb Daily eNewsletter today!.

 
 
Enter Zip Code below to view live local results:
bayer
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions