GF is trading on a 1W Ascending Triangle that is near the 139.225 Support and Higher Low zone (RSI = 46.649, MACD = -0.700, Highs/Lows = 0.0000). This creates ideal conditions for a long term buy towards 159.500.
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Feeder Cattle (GF1!) is trading within a long term 1W Channel Up (RSI = 63.368, B/BP = 10.8420) on a very stable pace setup (MACD = 2.490, Highs/Lows = 3.4700) that allows us for a better pattern recognition. If those recurrences are valid, the GF should seek a Higher Low near 155.000 before making a Higher High near 164.000 (target).
Feeder Cattle is trading within a Channel Down on 1D (MACD = -0.360, Highs/Lows = -0.0614, B/BP = -1.7440). The neutral RSI = 45.095 suggests that it is coming off a recent Lower High, which as seen on the chart was at 151.500. We have opened short and our TP is 146.900 and 144.975 in extension (we will update if needed to pursuit the extension).
Feeder Cattle (GF1!) hit a major 1W Resistance (149.75) and should reverse to test the 140.950 support. There is one last Resistance it may test however before falling, which is located at 151.925. We short with TP = 142.150.
US Dept of Agriculture will release Feeder Cattle monthly data at 2pm Chicago time. 3pm NY time
There was a large drop yesterday due to Live Cattle news Note also that Live Cattle (Not Feeder Cattle) options expire on Feb 28. So it is always possible that price could be kept down till then
Stop below previous low 142
Enter at 144.4 (or lower) It is news time so...
Longer trendline would be broken if it closes here or a little above. We are looking to get long after Thursday's WASDE report. Those reports can swing grain and meat futures wildly. The risk/reward on this longer term trade is 5:1. Meanwhile, we are watching and waiting for confirmation of our analysis.
April Feeder Cattle tried Wednesday to do what Live Cattle did, but met resistance. Corn like beans, tried to do a push upwards today, but unlike beans, met disappointment. If Corn falls we may see Feeders rise again. Feeders trying to move back into the 1/1 Gann Fan to become a stronger uptrend and move on to a Butterfly.
April Feeder Cattle down today. Starting to leave the 1/1 Gann Fan and weaking. If Corn stays weak we may see a little more up, otherwise this market may start to deteriorate. Feeders still above the 20 day moving average and hasn't broken trend. This market has also achieved a Bearish Gartley so a downtrend may start to happen.
April Feeder Cattle continued its progression lower off the Gartley pattern and stayed under the 20 day moving average. Looking for next low of 123.425. A round top has formed suggesting further lows. Largest potential move to 38.2 retracement. March Corn rose today. Tomorrow might see Corn 360'6.
April Feeder Cattle fell a little further to stay under the 20 day moving average. We also have a rounding top suggesting further price action lower. Next possible price move to 123.25. Looking for 38.2 retracement. March Corn rose today. Looking for another day of up movement tomorrow to 360'6
April Feeder Cattle Friday fell and stayed under the 20 day moving average. Look for continued short side to 121.200 if bears can force it that low. Low bars on open interest is a good sign of continued action lower.
Feeder Cattle almost broke out of a bullish flag today. Corn was down but created a continuation cross. There is an upside wedge forming here over the last few weeks. Could go either way for corn. Corn sales would make this market go higher. Look for more sideways play. Feeders may attempt another push on Monday. There is mixed weather over the plains. Marketers...