LIVE CATTLE: Oct
The Oct cattle closed higher again yesterday, as continued hopes of higher cash technical buying kept support underneath. Today dips down to $87.35 should hold. There is a slight chance that if broken a quick dip to $86.95 would be reached before the market recovers. At this time only a daily close below $86.95 would start to look technically bearish. On the upside if the market can get through $87.65 then expect $88.02. A daily close above $88.02 will allow follow through up to $89.00 in the days ahead.
Support: 87.35 & 86.95 Resistance: 87.55 & 88.02
Long Term Trend: Up above 86.80 Short Term Trend: Up above 86.95
FEEDER CATTLE: Oct
Oct feeders close above near term resistance. The market will now have close in support at $99.92. As long as trade stays above this level the next upside target will be $101.27. A break of support will drop the feeders back to $98.87, in which a daily close below this area would be bearish.
Support: 99.92 & 99.40 Resistance: 100.27 & 100.77
Long Term Trend: Up above 98.70 Short Term Trend: Up above 99.27
Not much change in to corn market. Although the market has not made new lows it continues to struggle to find significant strength. Today the market is defensive below 311, but a push above this could allow a jump to 316. Below 311 the market could slip back to 305.
Support: 309, 305 & 303 Resistance: 311, 314 & 316
Long Term Trend: Down below 312 Short Term Trend: Down below 320
The hogs are acting well. I still expect the Dec market to get to $51.20 in the near term. Above $49.60 the market is stable keeping rally chances viable. A break of $49.60 could allow the market to slide to $48.60, in which only a daily close below this area would start to turn the market negative.
Support: 49.60 & 48.60 Resistance: 50.37 & 51.00
Long Term Trend: Up above 48.60 Short Term Trend: Up above 48.60
Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, firstname.lastname@example.org (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