New Contract Highs for Live Cattle Futures
Posted: July 12, 2023, 8:19 a.m.
Live Cattle |
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Technicals (August - Q) August live cattle futures made new contract highs yesterday, making it like a game of pin the tail on the donkey when it comes to finding the next meaningful resistance level. Resistance: 180* Pivot: 177.35-178.15 Support: 174.17-174.40***, 170.95-171.50*** |
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Feeder Cattle |
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Technicals (August-Q) August feeder cattle futures posted their third consecutive day of gains, taking prices within a stone's throw of contract highs. Resistance remains intact from 248.075-248.85. Above there puts prices in uncharted territory, which as mentioned in the live cattle section, makes it difficult to find the next meaningful level of resistance. Resistance: 248.075-248.85*** Pivot: 244.47-245.175 Support: 240.90-241.90***, 236.40-236.60*** |
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Lean HogsTechnicals (August- Q) We've been in the camp that the recent pullback in lean hogs was healthy and welcomed, noting significant support near 93.825 as an potential buying opportunity for the Bulls. This level held Monday which helped encourage buying activity in yesterday's trade. Today's resistance comes in from 98.05-98.50. Resistance: 98.05-98.50***, 100.75** Pivot: 96.67-96.80 Support: 92.70-93.825**** |
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