There might be a slight retracement but that is where i will be set my TP. Market could go past. Enter and exit at your own risk.
Please note that this chart is an opinion based chart only. Please trade at your own risk
it appear a trend change is about to happen in the cattle market. in my opinion supply outweighs demand and will soon influence cattle pricing. trend changes are fairly normal may take sometime to correct. tomorrows WASDE and other influencing factors may give traders insight post gov shutdown. current curve is backwardated meaning front month futures are trading...
The price was recently rejected on the long term Sell Zone of 127.825 - 134.425. For almost 2 years this belt has been used as a sell point by the market. This is a good long term opportunity to go short and target a price above the 101.625 - 104.250 Buy Zone.
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Looks to be putting in a large triangle for the B wave with the C wave of this triangle very close to completing. Bearish divergence on the daily and weekly TFs. So we pull back at least, but i'm looking to short this D wave down to $105. GL!
Live Cattle (LE1!) is trading within a long term 1W Channel Up (RSI = 60.152, ADX = 29.000, Highs/Lows = 7.0679, B/BP = 14.6880) that has recently made a Higher High with an obvious Resistance zone at 114.00 - 114.325. Being on overbought STOCHRSI, Williams and CCI, a pull back to a Higher Low (~110.000) is required to sustain a healthy uptrend, which should most...
Live Cattle futures appear to be coming to and end of a multi year correction phase.
If WXY completed at $94.6 then the motive phase may already have begun, however, if the $130 highs seen during 2017/18 were just X2 of WXYXZ then price may fall further; in WXYXZ Z must be equal or longer than X2 which suggests a double bottom at $94.6.
Some details on the...
live cattle looks like it could run up to the top of the range again
short timeframes look like absolute mayhem to trade right now but could be worth a position opened here for a 4/1 RR
take profit: 112-115 - - - 120-125
Live Cattle -0.04% prices tend to follow clear trends , as can be seen by the descending channel from 2015 to 2017 (almost 2 years)
Options expiration is February 28.
I will look for support on the current parallel or retracement to the lower parallel for a long entry. Stop below previous low and take profit at 25 centile. Depending on price action I may keep...
I´m bullish for Live Cattle. Although it seems that 120 marks a Double Top in the Futures, this can be only wave 1 of a further advance in wave C. The wave count would be invalid if wave 2 breaks to new lows. Otherwise a significant advance above 120 would support my bullish view. Next targets are 127 and then 134.55.