LIVE CATTLE: Oct
The live cattle markets should start out steady to better as traders will want to evaluate this week's showlist. Today an open above $87.35 will be friendly allowing the market to push up to $87.85 with stronger resistance at $88.17. If the market trades back below $87.35 then look for $87.12 to be initial support. Below $87.12 the market could turn bearish dropping to $86.60 fairly quick.
Support: 87.12 & 86.60 Resistance: 87.35 & 87.85
Long Term Trend: Up above 86.90 Short Term Trend: Up above 86.95
FEEDER CATTLE: Oct
Oct feeders are straddling the fence at $99.35. An open below this area could foster light selling down just below $99.00 early. An open above this area keeps the market supportive with the possibility of a rally up to $100.07. A daily close below $99.00 would look a little bearish the market.
Support: 99.30 & 98.95 Resistance: 99.55 & 100.02
Long Term Trend: Up above 98.50 Short Term Trend: Up above 99.00
Dec corn traded lower in the overnight session taking back some of Fridays gains. The market could easily consolidate between 310 on the downside and 330 on the upside until the start of harvest. Today below 316 the market is defensive expecting breaks to reach 310. Above 316 the market will be supportive, with pushes above 319 attracting buying that will take the market to 325.
Support: 316, 312 & 310 Resistance: 317, 319 & 325
Long Term Trend: Down below 315 Short Term Trend: Down below 317
The Dec hogs are caught in between support of $49.50 and resistance at $50.90. To start the week the market will be supportive above $49.50 and if it is able to break through resistance then could again test last week's highs. The $52.00 area will be good resistance as the market could initially struggle at this level. Below $49.50 the market will be defensive and will likely see selling back down to $47.20.
Support: 50.20 & 49.50 Resistance: 51.20 & 52.05
Long Term Trend: Up above 49.50 Short Term Trend: Up above 50.20
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