Kumowizard
Short

Live Cattle - Even the real "Bull" should pull back

CME:LEG2015   LIVE CATTLE FUTURES
21 2 3
So here we have a daily and a weekly (right panel) chart, which show there has been a "real Bull in the Cow" :-)

Weekly: With nice pullbacks and with counter trends Live Cattle             price has been trending up since 2010. In 2014 the move accelerated and Cattles recently reached all time high level. Not to meantion, they have become a bit overbought. Probably that's why we see some indication of profit taking in form of Hanging Man like candles of last week and three weeks ago. DMI-ADX and low Stoch also look like ther's some overextension in this trend.
Weekly bullish supports (and possible retracement levels) are 152,30 (Weekly Kijun Sen) and 138,00 ( trendline and horizontal support)

Daily (Feb 2015 contract): Price is trading in a bearish wedge with recently a massive negative MACD divergence!
6 days ago a bearish engulfing candle, followed by some trading inside its body with pretty much same closing levels, and friday selling pressure sent it below Tenkan Sen. MACD and Slow Stoch are bearish , DMI             has chance to cross bearish too. Please also note, that since October trade volume is increasing on bearish days and smaller on bullish days.
A Price break below short term bullish trendline and Kijun Sen (164,75-165,25) could bring further selling pressure, and then good chance we'll see a drop to 159,20-160 levels. There we'll see what's next.
Olu
2 years ago
Great MTF analysis. I am looking for a sell off as well...
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Kumowizard PRO Olu
2 years ago
Should trade below 165, then correction will come. I expect similar Price action that happened to coffee
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