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Time to come down. If you look at 2015 and 2016 trend we see it start coming down about now towards Oct. Prices may be stable this year ranging from 1.10 to 1.40. We're likely to see lower lows from here on out.
Still have some time to reach red line. Maybe wait for it to hit the red line before shorting.
Short back to support, then long to previous high between 117 to 124.
Live cattle going up here
COW vs even weighted avg of live cattle and hog futures. The current LC to LH ratio is about 3:1 so equal weighting in this view is actually higher weighted to LC.
Fundamentals are influencing my technical judgement on this one.
If the current support at 95 holds then we will see it retrace to 123 by late 2017 to beginning of 2018.
The lowest I see it going is down to 80, there is some support at 87. I think it will touch 87 at this rate if it decides not to break out of this falling wedge.
China may start buying up ...
Risk/Reward = 5.7
Plan is on the chart
A play on both higher meat prices and lower grain prices, Live Cattle registered a weekly double bottom through this past week when it traded up through 122.95. CRI's current Weekly Commodity Trend Survey is long from 122.95 with stops should be just below 120.375. A 50% retracement of the 2013 sell off would bring prices back into the 126.50 and shall be the ...