Can Feeder Cattle Rebound with Lower Corn Prices?
Feeder Cattle
Technicals (August): Feeder cattle futures failed against our resistance pocket from 175.50-176.125 which put them in reverse. August feeders filled the illusive gap, which was a gap lower on June 13th but a gap higher on June 21st. Yesterday’s failure to get out above technical resistance was somewhat of a caution flag as it did mark lower highs, but no significant damage was done to the chart. Trendline support and the 50-day moving average remain intact, that comes in from 171.45 (50 dma)- 172.40 (trendline support from the May 23rd lows.
Resistance: 175.50-176.125**, 176.80-177.075***
Pivot: 173.75-174.02
Support: 171.45 -172.40****, 169.40**, 167.325**
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