Live cattle is coiling and seems ready to break out to the upside. Lower trendline is giving support. I'm entering in advance here targeting 137.000.
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Live cattle is at historical highs. 134.0-134.5 is giving good resistance. Price is poised to move towards the 2/1 Gann line. First target objective 130.75 but a long term downtrend is in the cards.
Swing failure in proximity of the 1/1 bull Gann line. The market is poised to move lower. Target on the down sloping ML. Large speculators are holding extreme long positions and might start to liquidate soon. Notice also that all the livestock sector is at historical highs and is showing signs of reversal (see LEZ and GFX contracts)
Well, here it seems that we have finally reached a top. The Lower low on Tuesday (01 Oct 13) should be followed by a lower high at this point. If today high is confirmed as a pivot point the price is poised to move from the 1/1 Gann line to the 2/1. Target is 83.000.
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On 14 Aug 13 price crossed the 87.000 resistance, touched the upward sloping 1//1 Gann line but two days later pulled back inside the 83.000-87.000 'rectangle'. It's a sell with first target 83.000 (rectangle base) and second 80.000 (longer term target). Seasonal trend usually bear.
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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...
Bullish seasonal projection supported by chart pattern. A clear bull flag has formed during the last 5days. Breakout to the upside would confirm the buy signal with a target objective at the intersection point of the 1/2 and 2/1 Gann lines (approx 126.000)
Got stopped in my first attempt but I'm re-entering a short here. Hog are at historical price highs and from a seasonal point of view they are typically weak till late October. Hogs have reached resistance at 99.500-100.000. Price action over the last few days suggests that a reversal is in place. I expect a quick fall during the next 2-3days back to the 1/1 Gann...
Seasonally weak till late October. Hogs have reached resistance at 99.500. Price action over the last few days suggests that a reversal is in place. I expect a quick fall during the next 2-3days back to the 1/1 Gann and 20 MA where another consolidation could take place.
Trend is up but I think hogs are setting up for a sell soon. Friday inside day might be a sign. Support is at 82.58 where i'm planning to take profit. After that the market should run again. Feedback please!
