October Live Cattle
Tomorrow’s trading session should point us in the right director concerning the next move in the cattle market. We are currently trading right at a major support level and in today’s action we posted a diverging low on the support channel line. Structural evidence still suggest that we are close to the termination point of a subset ending diagonal (c) wave. The daily ATR reading is 2.255. If we can get a rally tomorrow of that measurement and close the week at the upper end of the range I’d have to see that as a substantial indication of an upcoming sustainable advance. If on the other hand the market falters and closes below 105 it will be vulnerable to further weakness extending to +/- 100.
My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. Please feel free to contact me at Walsh Trading to discuss my technical approach. Employing my expert skill set I’d be pleased to offer a free customized outlook for a product in your specific field.