Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat May 30, 2015 08:45 AM CDT

Live Cattle: The August contract closed $0.575 higher at $151.275 last week. While the secondary (intermediate-term) trend remains up, weekly stochastics are above the overbought level of 80% indicating buying interest could soon fade. Friday's CFTC Commitments of Traders report would seem to confirm that idea, with noncommercial interests reducing their net-long futures position by 1,167 contracts. Also, though August cattle pushed above resistance near $152.275, the 67% retracement level of the previous downtrend from $159.40 through the low of $137.975, last week it was unable to close above this level. This could spark renewed selling interest in the weeks ...

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