Moonshine: December Live Cattle

John LunneyGeneral Commentary

December Live Cattle

     The December Live Cattle market staggered ahead to a modestly higher close today. Prices have risen slightly above  targeted daily and hourly geometric lines between 126-127. These have been previously discussed. Currently the the momentum indicators are showing no signs of divergence.  Structural evidence would suggest another wave higher which will unfold from a subset 4th wave low that has yet to unfold. Any pullback that may develop will likely be corrective in nature and fall between the  .236 and .382  retracement level from the 114.500 inner extreme thus giving birth to the ending ascent. I have delved into longer term time-frames to asses where this market will finally extend to. Fibonacci converge zones employing both extension and retracement measurements lie overhead between 131 and 133. The 20 period Average True Range study currently reads 4.600. Extended weekly ranges have been roughly 5.500 open to close. This all  suggests a near term  weekly high of around 127.400-128.200.

 

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.

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