NEWS
Darin Newsom DTN Senior Analyst
Mon Jan 26, 2015 06:05 AM CST

Weekly Analysis: Livestock Markets

Live Cattle: The April contract closed $4.15 lower at $148.80 last week. The secondary (intermediate-term) trend remains down with April live cattle moving below support at $150.65, a price that marks the 50% retracement level of the uptrend from $130.20 through the high of $171.10. Weekly stochastics are bearish and still above the oversold level of 20% indicating the market could extend its sell-off. If so, Wave C of the ongoing Elliott Wave downtrend could test support at the 67% retracement level near $143.80. Friday's CFTC Commitments of Traders report showed this group reducing their net-long ...

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