Cattle markets looked strong in the early sledding but finished yesterday’s session well off the highs of the day.
Live Cattle
Technicals (December – Z)
December live cattle came out of the gates strong yesterday but fizzled out into the afternoon to close well of the highs. The two week average daily trading range is inching closer to 2.00 which is presenting some decent opportunities for shorter term traders. 187.25-187.72 is the line in the sand that the Bulls want to defend, a break and close below this pocket could trigger some long liquidation with the next support pocket and target coming in from 186.00-186.27.
Resistance: 190.17***, 191.50-192.05***
Pivot: 187.25-187.72
Support: 186.00-186.27***, 183.40-184.10**
Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
Feeder Cattle
Technicals (November – X)
Feeder cattle were able to gain ground in yesterday’s trade but as with live cattle, they closed well off the highs. A wide support pocket from 253.50-255.00 continues to be our focus this week. A failure to defend this pocket could pressure prices back towards the 100-day moving average near 250.00. On the resistance side, 257.47-258.45 is the pocket the Bulls want to see a close above.
Resistance: 257.47-258.45***, 262.07****
Pivot: 253.50-255.00
Support: 252.90***, 250.10**, 246.70-247.72***
Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
Lean Hogs
Technicals (December – Z)
December lean hogs woke up yesterday and chose violence, trading sharply lower and closing below the low end of the recent range and our support pocket. The next line in the sand comes in from 67.32-67.80, which was the lows from the end of May.
Resistance: 74.50-74.60***, 77.70-78.10***
Pivot: 70.775-70.90
Support: 67.32-67.80**
Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
