LIVE CATTLE: Oct
The market broke on Friday. An open below $86.80 will keep the market defensive, but the market should attract more buying the lower it trades. If trade fails to go lower and starts to creep back above $86.95 then the market could run up to $87.40. A close above $87.40 would take some of the bear pressure out of the market.
Support: 86.40 & 86.20 Resistance: 86.95 & 87.40
Long Term Trend: Down Below 87.40 Short Term Trend: Down below 88.27
FEEDER CATTLE: Oct
Oct feeders continue to have sell pressure. An open this morning below $98.05 will be bearish, with continuation down to $97.57. The market should be able to hold this support possibly this week. Above $98.05 the market could retrace to $98.45, but could struggle to get through this area today. A daily close above $98.40 would allow a bounce to $99.60.
Support: 97.62 & 97.47 Resistance: 98.05 & 98.45
Long Term Trend: Down below 99.27 Short Term Trend: Down below 100.22
Most of the grain complex was lower in the overnight session. Corn was no exception and closed towards the low end of last weeks range. For this week below 329 the market will be defensive. A daily close below 322 will accelerate the market to new lows likely below the 310 area. Any rallies that get above 329 most likely will struggle in the mid to high 330 area.
Support: 326, 322 & 320 Resistance: 329, 334 & 336
Long Term Trend: Up above 322 Short Term Trend: Down below 329
The hogs broke late in the day on Friday. Today the market needs to stay above $46.10 in order to keep rally chances alive. A break of this support will allow a dip all the way down to $44.82. Above $46.60 early the market can recover Friday's loss and trade back up to $47.00 early, in which above this area the market can bounce to $48.00.
Support: 46.27 & 46.10 Resistance: 47.00 & 48.00
Long Term Trend: Up above 43.80 Short Term Trend: Down below 46.10
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