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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.


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RELATED TOPICS: Beef, Livestock, Fed Cattle

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