NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Mon Jun 1, 2015 05:06 AM CDT

Live Cattle: The August contract closed at $151.275, up $1.575 on the monthly chart. The major (long-term) trend remains down with support between $141.85 and $137.30. 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). Secondary resistance is pegged at $155.65, the 38.2% retracement level of the initial sell-off from the $172.75 high through the March 2015 low of $145.075. Continued noncommercial buying could push the market to a test of the 50% retracement level near $158.90.

Feeder Cattle: The August contract closed at $222.95, up $8.25 ...

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