Live Cattle
Technicals (June-M)
June live cattle were on a roller-coaster last week, gapping higher last Monday, selling off hard Thursday morning, then rallying back to achieve a high close for the week, which happened to be right in our 4-star resistance pocket, 178.45-178.80. If the Bulls can keep the momentum going and close above this pocket, we could see an extension towards our next resistance pocket from 179.825-180.75.
Resistance: 178.45-178.80*, 179.825-180.75
Pivot: 172.90-173.425
Support: 169.00-170.00***
Feeder Cattle
Technicals (August – Q)
August feeder cattle filled the gap from last Monday, in Thursday’s trade and proceeded to rally following that and into Friday’s trade. We expect a choppy trade in this week’s trade too. Signfiicant resistance comes in from 263.325-264.875. This is a wider pocket that we would like to use but as you can see from the chart, there are a lot of previously important price points in that pocket. On the support side, 254.025-255.00 is the pocket to watch. Near the middle of that range, it’s cloudy in terms of conviction on short term direction.
Resistance: 263.325-264.875****
Pivot: 258.00-258.50
Support: 254.025-255.00****
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