Cattle Futures Stabilize in Wednesday's Trade
Posted: Aug. 10, 2023, 7:32 a.m.
Live Cattle |
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Technicals (October- V) October live cattle were able to defend the previous day's low and stabilize in yesterday's trade. All in all, there's not a lot of new news to report on the technical landscape. What is interesting to look at though is the seasonal chart we posted below the price chart. As you can see, we are entering a time of year where prices have historically hit a wall and/or retreated. Resistance: 183.72-184.35***, 185.75*** Pivot: 181.52-182.17 Support: 178.62-179.10***, 176.20-177.25**** |
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Below is a look at the seasonal tendencies for October live cattle. |
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Feeder Cattle |
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Technicals (October - V) Like live cattle, feeder cattle were able to find their footing in yesterday's trade, but it did little to change the technical landscape. The market remains mostly rangebound which keeps opportunities alive for short term traders on both sides of the market. Resistance: 256.00-256.50** Pivot: 252.60-253.00 Support:247.40-247.75*** |
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Lean HogsTechnicals (October - V) October lean hogs got hit hard yesterday after failing against the 200-day moving average yet again. market broke below our pivot point which opened the door for a drip into our support pocket which we've outlined as 80.55-81.50 (yesterday's low was 81.475). If you sold against resistance this week, you may consider reducing in this area. If you're Bullish and want to be long, this wouldn't be a bad spot to consider. Resistance: 85.50-86.40****, 87.77-88.32***, 89.12-90.00** Pivot: 83.55 Support: 80.55-81.50***, 78.45** |
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