December Live Cattle The cattle played out in a close fashion to what we had anticipated with an am dip to support at roughly 110.800 and a subsequent recovery above the 112.300 mark. Now what? is the question. The market settled right below the major resistance channel which came in today at 113. Should the market be able …
Daily Gold Report
Gold dipped on Wednesday, erasing earlier slim gains as the dollar index moved into positive territory, though a retreat in global stocks after Tuesday’s record high kept the metal hemmed within a narrow range. For the session December gold futures fell $4.70 to close at 1328.0 and below our first support level for the week. With today’s close, I potentially …
Livestock Levels
Live Cattle The October Live Cattle contract broke down and tested support on Tuesday, September 12, 2017. It fell below the Monday low and traded down to a low at 106.00, just below support (106.20). A trade below here on Wednesday could see the 104.875 support level tested. Support then comes in at 103.00. A breakout above the 107.95 high …
Fenced In: December Live Cattle
December Live Cattle As suggested in yesterday’s post the December live cattle contract had a difficult time breaching the overhead channel line which set the high in Monday’s session and came in lower today at 113.300. In today’s action the market posted a high at 113.025 and backed off to close just off the lows of 111.400 at …
Livestock Levels
Live Cattle The October Live Cattle contract stalled on Monday, September 11, 2017. It traded within Friday’s range forming an inside candle. A breakout above the 107.95 high could see price test the 108.675 resistance level. Continued strength could see movement towards the 110.80 resistance level. A failure from the 106.825 low could see price test support at 106.20 and …
Barbed Wire? : December Live Cattle
December Live Cattle The December live cattle market is bumping up against resistance on a down sloping upper channel line which has so far contained the what appears to be a non-impulsive correction stemming from the high established in early June. I currently have labeled this downtrend an (a-b-c) structure which terminated at the lows seen in mid …
Ag Commentary
The soy complex is awaiting next Tuesdays numbers. The job of making predictions is mute till we see the numbers. Some thoughts. The Brazilian crop will go up as more acres will be planted. The Argentinian may favor feedgrains. The USDA has no reason to alter the projections month to month. No guarantees in life however. The issue going forward for …
Livestock Report
Live Cattle The October Live Cattle contract rallied from the open on Thursday, September 7, 2017. It pushed past resistance at the short-term moving averages (the 8 DMA (105.85), 13 DMA (106.15) and the 21 DMA (106.575)) and rallied to trendline resistance at 107.45 reaching a high of 107.675. It failed from the trendline and fell back below the 21 …
Daily Gold Report
The price of gold rose to a one-year high on Thursday after the dollar tumbled on the back of weak U.S. jobs data and an unchanged growth and inflation outlook from the European Central Bank. The number of Americans filing for unemployment benefits jumped to its highest level in more than two years last week amid a surge in applications …
Livestock Report
Live Cattle The October Live Cattle contract consolidated within Tuesday’s trading range on Wednesday, September 6, 2017. Bears couldn’t take price down below the Thursday low (104.20), but bulls couldn’t sustain rallies as each attempt was sold. Resistance is at the declining short-term moving averages (the 8 DMA (105.90), 13 DMA (106.10) and the 21 DMA (106.75)). The session high …