Feeder cattle is about to reach $180 !
Dates in the future with the greatest probability for a price high or price low
Feeder Cattle breakdown of this R/S flip. Weekly chart.
Feeder Cattle is coming off a strong Higher Low rebound early this month with 1D already on strong bullish technical action (RSI = 60.454, MACD = 0.850, Highs/Lows = 3.0514). Since this bullish sequence started on a strong August rebound on the 128.800 1W Support, it is more likely to see an extension towards the 161.000 1W Resistance. A potential 1D Golden Cross...
US Dept of Agriculture will release Feeder Cattle monthly data at 2pm Chicago time. 3pm NY time There was a large drop yesterday due to Live Cattle news Note also that Live Cattle (Not Feeder Cattle) options expire on Feb 28. So it is always possible that price could be kept down till then Stop below previous low 142 Enter at 144.4 (or lower) It is news time so...
With the rise in corn, January Feeder Cattle under pressure to make a correction. Having a tough time crossing the 61.8 level of a Gartely pattern. Look for prices to fall to 31.8 and beyond. Watch corn prices. If they continue to go up, Feeders will go down.