NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat Aug 1, 2015 06:49 AM CDT

Live Cattle: The October contract closed at $145.925, down $2.15 on the monthly chart. The major (long-term) trend remains down with support between $141.95 and $137.40. These prices mark the 33% and 38.2% retracement levels of previous uptrend from $79.975 (March 2009 low) through $172.75 (November 2014 high). Monthly stochastics remain bearish meaning additional noncommercial long-liquidation could be seen. However, the final CFTC Commitments of Traders report for July showed this group holding a net-long futures position of only 19,794 contracts, possibly limiting the sell-off to the 38.2% retracement level.

Feeder Cattle: The August contract closed at $210.725, down $4.00 ...

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