LIVE CATTLE: Oct
Oct cattle made new lows and closed near session lows. The market should see follow through selling this morning that will test $83.72. A daily close below this area will keep the market under pressure for the start of next week. A close or trade that stabilizes above $83.72 allows minor corrections back into the $84.50 area.
Support: 83.72 & 83.20 Resistance: 84.50 & 84.80
Long Term Trend: Down below 85.57 Short Term Trend: Down below 85.12
FEEDER CATTLE: Oct
Oct feeders took back the prior day's rally and traded to new lows as well. I expect further decline today, but the market is nearing daily support and is in an oversold condition. Good support is now in an area of $94.45-25. Upper resistance today will be $95.65 on minor corrections.
Support: 94.45 & 94.25 Resistance: 95.25 & 95.65
Long Term Trend: Down below 96.45 Short Term Trend: Down below 96.30
The corn market seems to be getting weaker as the market has yet been able to close above resistance. A daily close today below 337 would help put near term pressure on the market for a decline that could reach back to 332 today and possibly 322 by next week. A push through 341 today allows another run at 347.
Support: 340, 337 & 332 Resistance: 341, 343 & 347
Long Term Trend: Up above 337 Short Term Trend: Up above 337
The choppy trade in the hog market continues as the market is still trading from $50.50 on the upside and $48.70 on the downside. As long as the market maintains closes above $48.60 rallies are possible, and if trade gets back above $49.60 expect a round of secondary buying to enter the market. A close below $48.60 takes the market to $47.92 and then $47.25.
Support: 48.60 & 47.92 Resistance: 49.05 & 49.60
Long Term Trend: Up above 49.60 Short Term Trend: Down below 50.42
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