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The hog index continues to fall now at market today. Expect continued move downward. Retracement is at the 20 day MA. We are in a fall from a double top at 67.675. Upward trend line would have to broken and stayed below for a complete fall to occur. First target would be back to S2 at 58.375. RSI trend is down for now.
Milk found a bottom two days ago and is now in retracement heading for pivot at 15.32. Hit the 20 day MA and will need to advance past this to achieve pivot. RSI is pushing upwards and trend is up. Believe double bottom needs to be achieved before significant headway can be made. This is still a bearish market.
The USD is creating a H&S for December. Next downside target S1 at 95.160, then possible rise back to pivot at 96.115
Meal is setting up for a H&S drop. Neckline comes in at S1 at 304.3. If the bears can force it through the neckline and stay below S2 that would be next target at 298.6. Minimal drop would be last shoulder which would take us to just above S3 at 289.3. RSI isn't all that great for a drop, but we will see. There is also a contentious bull flag here so one or the ...
Soybeans are locked into a parallel channel between R3 and S1. Right now a H&S is showing. Breach of R2 at 905'1 would nullify this. If H&S comes due, drop to height of last shoulder as a minimum to S3 805'7 would be target.
December Live Cattle is on the last shoulder of an H&S. 20 day MA has become resistance. Fall from this pattern might set live cattle back to uptrend line based on height of the last shoulder. Long term trend is still bullish. If cattle can break 119.350 R1, the H&S would falter and a continued uptrend would take us to R2. Stochastic RSI has crossed over ...
BO has moved lower today eyeing the 20 day MA and pivot at 28.52. RSI falling and Stochastic RSI has crossed over from high levels. If pivot holds increase move up to 29.95. Move under the 20 day MA and pivot would possibly send markets to S1 at 27.63. Overall market is in a downtrend.
Nov Soybeans fell from R2 at 868. 20 day MA must be broken and market must stay under for any legitimate fall further. Stochastic RSI has crossed over and market hit RSI uptrend.
Dec Hogs took a run at the ever increasing index now at 69.31 for the Oct contract. This appears to be heading for a double top. We have a few things developing for Dec. In short term a possible head and shoulders bring it down to S2. In long term we have a Elliot Wave in its 3rd position. New Pivots have formed for the month of October. If this market explodes ...
Dec Milk creating a H&S. Fell today laying out last shoulder. S1 15.93 target for bears. Breaching this and staying under would put Milk target at S2 15.77 and shoulder height coming around S3 15.60 to 15.51. Milk is also under the 20 day MA supporting this outlook.
After strong gains by the CAD and news of the USMCA the CAD is setting up for a bearish Gartley. RSI is nearing top levels. New pivots have been created. CAD having trouble staying above R2 at .78255. Estimate fall back to pivot and bottom channel.
Milk fell from a Bat two weeks ago and looking like it may topple more. Has broke the RSI trend and the 20 day MA. S1 at 16.11 next target for bears. Uptrend must be broken before this can take place. Suggesting a bull Bat next pattern. If milk pushes off the uptrend then we might see a triple top and upside to R3 at 17.28.
October Light Crude looking like it wants to build out a three drives scenario. Next target for bears is moving through pivot at 68.100 and attacking the 20 day MA. RSI is staying within a pennant pattern. Crude could use pivot to launch up again. If it does it could then collapse at R1 at 70.600
December Wheat may have found a reversal point just above the S1 pivot at 520. Upside target for bulls is crossing Pivot at 548'7 and heading for the 20 day moving average at 560. If this reverses then sell target for bears is double bottom at 491'6. Low world supplies may help this move up.
The Canadian Dollar is trapped in a downtrend and is building out the last shoulder of an H&S. A break through R1 and out of the downtrend would negate the head and shoulders. R1 at .77195 is significant resistance for upward movement. Waiting for confirmation of H&S when the market reverses down toward pivot at .76560 and continues through. Since the right ...
Hogs moving into a potential Bearish Gartley pattern. RSI is coming to a high point at R2 59.900. Resistance comes at 62.900 just under R3. Possible entry previous pivot at 61.375 for reversal. Hog index is falling and is now at 54.21.
CCXI rising out of lows. Looking for rise cross the 20 day MA and up to pivot at 12.19. Good healthy RSI for a long run if it pans out. Their quarter results are today.
Milk looking like it may make a run to R2 at 16.24. Right now caught in channel. Waiting for confirmation out of channel and move to R1 at 15.96. Bear Gartley would be the pattern. Market rising above the 20 day MA which is a good sign. Lots of potential RSI to run.