A strong case could still be made for a rebound in beef prices. I am a buyer. I don't pay much attention to many indicators, but I always pay attention to volatility.
Daily Support and Resistance For July Live Cattle
The 50 day MA is holding support-side strong where as the resistance can clearly be defined in between the 9 and 5 day EMA. Still a buy above 2.575.
We're coming off of two up days on decent volume. As I point out on the chart, the stochastics crossed 2 days ago in over sold territory and are both pointing up. Right now the spread has hit resistance at the 9 day EMA. The trade is to buy the spread as it crosses that line so I'll be looking for +/- $3.400 tomorrow morning with the next resistance up around...
We're coming off of two up days on decent volume. As I point out on the chart, the stochastics crossed 2 days ago in over sold territory and are both pointing up. Right now the spread has hit resistance at the 9 day EMA. The trade is to buy the spread as it crosses that line so I'll be looking for +/- $3.400 tomorrow morning with the next resistance up around...
See how this dip forecasts the strength of the next move above overbought.