June Live Cattle
Load up the six-shooters for this market which is whipping around like a rattlesnake on peyote. The daily ATR (average true range) as of last Friday reached 2.950, nearly a limit move, surpassing the contracts high established in the late summer of 2017. Following the clobbering they took to 102.050 on Friday the cows staged what appear to be an impressive early run to 104.600 before having the rug pulled out from under them as they stumbled back to finish up a modest .45 to 102.500. A lower opening tomorrow wont look too healthy. The only minor support I’m seeing does’t come in to +/- 101. The save level checks in lower at 100.350. To me, this level needs to hold to stave off another bloodbath. However , on the sunny side, if the cows were able to fortify 103.200 they will trigger a daily inner inverted hanging-man bullish candle formation. If this were to unfold I’d be expecting another bullish run to play out reaching for 105.500 (limit move). Holding an extended higher level will open the door for more upside action in the days to come. My next target price comes in at +/-110. Please saddle up and follow along with me as I attempt to stay one step ahead of this and other futures markets.
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 insights into this or any market of your interest.
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