LIVE CATTLE: Oct
To start the week the Oct cattle should find early support at $85.70 and upside resistance at $86.50. A push above $86.50 will allow continuation to $87.12 which should be strong resistance. A daily close above $87.12 takes the market to $88.15. On the downside a break of $85.70 takes the market down to $85.15 intra day and closing below this area keeps bears in control taking the market down to $83.90 eventually.
Support: 85.70 & 85.15 Resistance: 86.50 & 87.12
Long Term Trend: Down below 86.30 Short Term Trend: Up above 85.70
FEEDER CATTLE: Oct
Oct feeders will start the week sitting on critical support. An open or break of $96.60 this morning, the market will attract selling down to $95.92 by the close. A steady to better open keeps the market stable up to $97.00, in which a push above this area would allow the market to test the $98.00 area.
Support: 96.60 & 95.92 Resistance: 97.00 & 98.02
Long Term Trend: Down below 97.45 Short Term Trend: Down below 97.12
Dec corn finished the week towards the top end of a triangle. The markets inability to push through the 340 area leaves the market set for a break back into the low 320 area. Today rally attempts should stall at 337 and a break back below 331 would allow 325. A close below 325 would once again turn the market bearish eventually leading to 301.
Support: 333, 331 & 325 Resistance: 337, 341 & 344
Long Term Trend: Up above 327 Short Term Trend: Up above 326
The initial start to the day in the hog complex will have traders repositioning after Friday's report. On the upside the market will turn bullish with a push and daily close above $49.60. A failure to get back above this area will keep pressure on the market and lead to a further decline that will test $46.62.
Support: 48.97 & 48.25 Resistance: 49.60 & 50.22
Long Term Trend: Up above 49.55 Short Term Trend: Down below 50.70
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