Live Cattle
Technicals (August-Q)
August live cattle futures had what many technicians refer to as an “inside day”, trading within the previous day’s range. That type of trade leaves support and resistance levels unchanged for today’s trade. Zooming out on a longer-term time frame, the chart still looks constructive as the trend of higher lows and higher highs since the April lows remain intact.
- Resistance: 181.85-182.15, 183.175-183.40*
- Pivot: 179.82-180.15
- Support: 177.92-178.57*, 176.35
Lean Hogs
Technicals (July – N)
The bleed out continued in lean hogs yesterday. The risk of long liquidation is being reduced with this pullback which may be shifting the risk/reward back to the upside for a potential relief rally. 4-star support comes in from 95.225-95.75. A break and close below that pocket would negate that short term bias. If you’re going to try catching a falling knife, you need to be sure your disciplined in risk management.
- Resistance: 99.475-100.575****, 103.10***
- Pivot: 97.78-98.67
- Support: 95.225-95.75****, 91.85-92.52***
Feeder Cattle
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