October Live Cattle Another uninspiring session unfolds in the October live cattle contract as the market once again closes below the 106 level at 104.700. I am still proposing that the market get nudged lower here and am not looking for anything dramatic based on the divergence of momentum and the underneath channel line support. A …
Livestock Report
Live Cattle The October Live Cattle contract traded in a choppy volatile range on Tuesday, September 5, 2017. It broke down to the early session low (104.35) before surging to the high (106.45) by mid-morning. The October contract then spent the rest of the day grinding lower, and it made a new low (104.30) for the day at the end …
Vulnerable: October Live Cattle
October Live Cattle With another close below the 106 speed-line support the market has left door open for a breakdown, however, I’m not looking for anything sever. Channel line/pitchfork support convergence zone comes in at 102.500-101.500. Daily momentum indicators should display convergence at this level and any hard low might snap back. Also, the December contract remains more …
Weekly Gold Report
Gold hit its highest level since November on Friday after a weaker-than-forecast U.S. jobs report. December futures which had already made a technical breakout to the upside earlier in the week, peaked at $1,334.50 an ounce. The Labor Department reported that non-farm payrolls rose a lower-than-expected 156,000 last month. Additionally, there were downward revisions to the previously reported jobs gains for …
CLUELESS?: OCTOBER LIVE CATTLE
OCTOBER LIVE CATTLE On the weekly and daily charts we have closed below the speed line support. Although I have believed that the recent selloff is close to a termination point it is difficult to suggest a long position with the facts being what they are. It must be stated there is strong bullish divergence in the daily …
Cow Tipping: October Live Cattle
October Live Cattle Once again the cattle market closed right around speed line support at 106. The contract did post a new low to 104.200 after making a early high at 107.475. It does appear that the most recent decline from the 109.750 seen on the 28th represents a five wave structure and could be of a terminating …
Livestock Report
Live Cattle The October Live Cattle contract rallied to the high (107.475) of the day in the first 10 minutes of trading on Thursday, August 31, 2017. It tested and failed to overtake the 107.60 resistance level and reversed course and broke down to the low (104.20) of the day by mid-morning. This is below the 104.875 support level, making …
Livestock Report
Live Cattle The October Live Cattle contract broke down and made another test of the 104.875 support level on Wednesday, August 30, 2017. It made the session low at 104.95 just above the support level. The October contract grinded higher off the low and ended the trading session at 106.225, just above the 106.20 resistance level. The session resulted in …
Daily Gold Report
Gold steadied on Wednesday, as a stronger dollar pushed the metal off Tuesday’s 9½-month high, but the precious metal remained above $1,300 on renewed tensions between Washington and North Korea. The greenback rose 0.6 percent versus a currency basket following stronger-than-expected private payrolls data. The move marked the greenback’s recovery from a 2½-year low hit Tuesday after North Korea fired a …
Coin Flip: October Live Cattle
October Live Cattle I really thought the picture would get a lot clearer after today’s session. Instead, however, the cattle market fails to impress or disappoint as today’s action leaves the October contract basically unchanged. Prices do manage to post a modest shadow low at 104.950 and climb back above the previously mentioned 106 level to fend …