NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sun Mar 1, 2015 07:47 AM CST

Live Cattle: The April contract closed at $151.70, down $5.75 on the monthly chart. The major (long-term) trend remains down following the bearish crossover by monthly stochastics at the end of December. Given the continued bullish view of supply and demand indicated by the strength of the April to June futures spread (see chart), initial support pegged between $141.85 and $137.30, prices that mark the 33% and 38.2% retracement levels of the previous major uptrend from $79.975 (March 2009) through the high of $172.75 (November 2014), should hold the downtrend. Next support is at the 50% retracement level near $126.35.

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