Live Cattle
Technicals (August-Q) August live cattle futures got the breakout move on Friday that many have been looking for with numerous bullish tailwinds colliding at once. The next upside target for the Bulls comes in at the March highs, 184.45-185.05. Above that is 187.30-187.80. On the flip side, Friday’s gap higher does leave a gap in the chart near 180, which aligns with previous resistance (now support).
- Resistance: 184.45-185.05***
- Pivot: 181.85-182.15
- Support: 179.82-180.15, 176.05-176.35
Feeder Cattle
Technicals (August – Q) August feeder cattle futures ripped higher on Friday, closing just a hair above our 3-star resistance level at 261.80 (the close was 261.975). This area will now act as a pivot pocket, if the Bull can continue to defend that previous resistance level, it could help propel prices towards trendline resistance and the May highs, 264.75-265.00.
- Resistance: 264.75-265.75* 267.50-268.00
- Pivot: 261.55-261.80
- Support: 257.57-258.50****
Lean Hogs
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