LIVE CATTLE: Dec
Dec cattle closed higher for the week ending Oct 23. Today the market should find initial support at $86.90, but a dip back to $86.32 would not be a big surprise this week. Only a close back below the latter support would be construed as bearish allowing a drop to $85.40. On the upside the $87.72 area could stall initial rallies and a push through this area will take the market to $88.50 by the weeks end. A close above $88.50 targets the $90.50 area in the weeks ahead.
Support: 86.90 & 86.32 Resistance: 87.82 & 88.50
Long Term Trend: Up above 85.85 Short Term Trend: Up above 86.32
FEEDER CATTLE: Nov
Nov feeders are struggling to get above $96.30 resistance. To start the week the market looks set to come back and test the $95.00 support area. If this area holds a reversal and push back up into the $97.40 area will be likely. A failure at $95.00 opens the door for continuation down to $94.30, in which a close below this area attracts technical selling down to $92.52 over the next few weeks.
Support: 95.00 & 94.32 Resistance: 95.80 & 96.20
Long Term Trend: Down below 96.20 Short Term Trend: Up above 95.07
Dec corn closed out the week with profit taking before the weekend. Overnight trade was fairly quite as 404 will be short term resistance this morning. A push back above this area allows another test of 411-412. A close back above this area the market will be supported up to 424. It wouldn't be a surprise that the market corrects back down into the low 380 area before the next leg up begins.
Support: 400, 397 & 392 Resistance: 404, 407 & 411
Long Term Trend: Up above 392 Short Term Trend: Up above 399
Hogs sold off on Friday and closed below $53.50. The market starts the week on the defensive, but should be some what stable above $52.80. A push below this area opens the trade up to a break back to $51.70. If trade stabilizes and holds support at $52.80 then a rally back above $53.50 will be needed to extend the rally. Above $53.50 trade pushes back to $54.60.
Support: 52.80 & 52.17 Resistance: 53.50 & 54.60
Long Term Trend: Down below 53.50 Short Term Trend: Down below 54.80
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: Dec