Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Mon Nov 24, 2014 05:07 AM CST

Live Cattle: The February contract closed $0.875 higher at $172.15 last week after establishing a new high of $172.75. While the secondary (intermediate-term) trend remains up, the market is sharply overbought with stochastics approaching upper 90% levels. However, noncommercial traders continue to buy with Friday's CFTC Commitments of Traders report showing this group adding 6,917 contracts to their net-long futures holdings; increasing their long futures by 6,080 contracts while reducing their short futures by 837 contracts.

Feeder Cattle: The January contract closed $0.225 higher at $236.35 last week. Its inability to move to a new high beyond the previous $239.20 ...

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