February live cattle opened lower but managed to grind back to near unchanged by the close. Though we have been looking for a deeper correction, recent price action has been constructive and moderate dips have been bought. We still believe that the market will have a tough time breaking out above our resistance pocket....Sign up for your FREE trial!
February lean hogs rolled over for the fifth consecutive session, but today was something to get excited about. We have been talking about the September 11th gap for the last two months and how we’d like to be buyers of that on the first test. We have had that 4-star support pocket defined as 67.825-68.525. Grossly oversold coupled with solid technical support was a good situation to be in for those who were patient and wanting to buy. The rebound into the afternoon was constructive and a good first step, but the bulls need to see a close back above....Sign up for your FREE trial!
Feel free to contact Oliver with any questions or comments
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