LIVE CATTLE: Oct
The live cattle saw a small bounce yesterday. Today above $85.45 the market has the possibility of bouncing to $86.30, which should stall rallies for the week. Below $85.20 the market will turn slightly bearish dipping down to $84.70. A close below this area of support would allow continuation to $83.90 before weeks end.
Support: 85.20 & 84.70 Resistance: 85.47 & 86.30
Long Term Trend: Down below 86.50 Short Term Trend: Down below 85.47
FEEDER CATTLE: Oct
Feeder cattle are holding in an area of prior lows from the first of September and back in mid June. This is a critical area of support for the complex. A solid daily close below this area could signal that a high is in place for the remainder of the year. Today $96.55 should be decent support. If trade pushes back above the $97.00 price then a larger correction back to $98.30 is going to be possible. Closing below $96.55 and especially $96.10 will extend the feeder decline down to $95.30.
Support: 96.55 & 96.10 Resistance: 97.00 & 97.47
Long Term Trend: Down below 98.27 Short Term Trend: Down below 97.00
Not much change across the corn complex for today. The market may be trying to consolidate between 327 and 318 over the next few days. A close outside of either of these ranges will signal the next direction. Today's action above 324 would be slightly friendly up to 330, below 320 the market fades back to 314.
Support: 322, 320 & 314 Resistance: 323, 324 & 330
Long Term Trend: Up above 322 Short Term Trend: Down below 326
The close below $49.10 yesterday rolls the market back to bearish trade. Rallies that fail to push back above this area will most likely attract secondary selling down to $46.00 area over the next few days. A reversal and close back above this area would be bullish for extended rallies back into the $56.00 area.
Support: 48.77 & 47.95 Resistance: 49.10 & 49.90
Long Term Trend: Down below 51.00 Short Term Trend: Down below 50.30
Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, email@example.com (806)-350-2400
Make note that intra-day support and resistance prices change throughout the day, so if you have any questions during market hours please give me a call for an update.
These forecasts are solely the opinion of the author and make no representation as to how the market will actually trade. There is substantial risk of loss in trading futures and options; therefore you should carefully consider whether trading is appropriate for you in the light of your financial situation.
LIVE CATTLE: Oct