LIVE CATTLE: Oct
Live cattle traded sideways most of yesterday's session. The market may run into early resistance from $86.75-$86.95, but if the market gets through this area then follow through buying up to $87.47. On a failure to advance through resistance the market will be subject to a break down to the early week lows, in which the market should stay above on a closing basis.
Support: 86.65 & 86.12 Resistance: 86.95 & 87.47
Long Term Trend: Down below 86.60 Short Term Trend: Down below 87.30
FEEDER CATTLE: Oct
Oct feeders struggled to stay above resistance yesterday and will need to see some early strength in order to keep from breaking. An open below $98.32 will start the market on the defensive as dips will go to $97.80. A weekly close below this area would be bearish to start next week with continuation down to $96.47. On the upside a daily or weekly close above $98.70 would be friendly up to $99.77.
Support: 98.30 & 97.80 Resistance: 98.70 & 99.27
Long Term Trend: Down below 98.30 Short Term Trend: Down below 99.30
Dec corn tested it previous low before bouncing slightly. Expect corn to stay on the defensive below 316 with the possibility of a new low. A push above 316 could bounce the market to 321 in the near term, but only a close at this time above 337 would concern me that the market is trying to turn.
Support: 313, 311 & 308 Resistance: 316, 321 & 323
Long Term Trend: Up above 313 Short Term Trend: Down below 320
The market continues to rally and then break. Dec hogs will again see resistance at the $48.70 level and only a daily close above this would extend the rally. If the market fails again at this level look for another break back down to $46.22.
Support: 47.70 & 47.40 Resistance: 48.40 & 48.75
Long Term Trend: Up above 46.22 Short Term Trend: Up above 47.35
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