Is the Top in for Live Cattle?
Posted: Aug. 18, 2023, 8:17 a.m.
Live Cattle |
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Technicals (October- V) October live cattle continued to bleed lower in yesterday's trade, expanding on the technical damage that was done on Tuesday. If the Bulls fail to reclaim ground above previous support (178.62-179.10) we could see the long liquidation continue, which would be in line with seasonal tendencies (see the second chart). Resistance: 181.52-182.17***,183.72-184.35*** Pivot: 178.62-179.10 Support: 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) Feeder cattle futures continue to be mostly rangebound which has kept are daily commentary pretty blah. Technical levels remain intact, but are on the verge of being threatened. See the seasonal chart below (second chart). We touched on this in yesterday's "2-Minute Drill", Watch Now! Resistance: 256.00-256.50** Pivot: 252.60-253.00 Support:247.40-247.75***, 241.32-242.00**** |
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Below is a look at seasonal tendencies for October feeder cattle. |
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Lean HogsTechnicals (October - V) October lean hogs were able to find some relief yesterday morning following a solid export sales number. The rally took prices back near resistance where the strength started to fizzle out. If the Bulls can achieve a close back above 80.55-81.50, we could see technical traders' step back in on the buy-side. Resistance: 80.55-81.50***, 85.50-86.40***** Pivot: 78.45 Support: 77.57-77.80****, 73.52-74.05*** |
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