Hit Resistance. Short.Feeder Cattle (GF1!) hit a major 1W Resistance (149.75) and should reverse to test the 140.950 support. There is one last Resistance it may test however before falling, which is located at 151.925. We short with TP = 142.150.
Feedercattle
Feeder Cattle - interesting long above 143 with target 148Feeder Cattle - interesting long above 143 with target 148
Feeder cattle (March Futures) long at bottom of channelUS 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 we may have some volatility
Take profit at the top of the channel.
GF - Waiting for post WASDE report on ThursdayLonger trendline would be broken if it closes here or a little above. We are looking to get long after Thursday's WASDE report. Those reports can swing grain and meat futures wildly. The risk/reward on this longer term trade is 5:1. Meanwhile, we are watching and waiting for confirmation of our analysis.
Feeder CattleApril Feeder Cattle tried Wednesday to do what Live Cattle did, but met resistance. Corn like beans, tried to do a push upwards today, but unlike beans, met disappointment. If Corn falls we may see Feeders rise again. Feeders trying to move back into the 1/1 Gann Fan to become a stronger uptrend and move on to a Butterfly.
Feeder CattleApril Feeder Cattle down today. Starting to leave the 1/1 Gann Fan and weaking. If Corn stays weak we may see a little more up, otherwise this market may start to deteriorate. Feeders still above the 20 day moving average and hasn't broken trend. This market has also achieved a Bearish Gartley so a downtrend may start to happen.
Feeder CattleApril Feeder Cattle was up with Live Cattle. We have changed the previous Gartley to a Butterfly. Next target for the bulls is 132.500
April Feeder Cattle continues downApril Feeder Cattle continued its progression lower off the Gartley pattern and stayed under the 20 day moving average. Looking for next low of 123.425. A round top has formed suggesting further lows. Largest potential move to 38.2 retracement. March Corn rose today. Tomorrow might see Corn 360'6.
April Feeder Cattle Remains under 20 day moving averageApril Feeder Cattle fell a little further to stay under the 20 day moving average. We also have a rounding top suggesting further price action lower. Next possible price move to 123.25. Looking for 38.2 retracement. March Corn rose today. Looking for another day of up movement tomorrow to 360'6
April Feeder Cattle Bearish GartleyApril Feeder Cattle Friday fell and stayed under the 20 day moving average. Look for continued short side to 121.200 if bears can force it that low. Low bars on open interest is a good sign of continued action lower.
March Feeder Cattle Almost break outFeeder Cattle almost broke out of a bullish flag today. Corn was down but created a continuation cross. There is an upside wedge forming here over the last few weeks. Could go either way for corn. Corn sales would make this market go higher. Look for more sideways play. Feeders may attempt another push on Monday. There is mixed weather over the plains. Marketers don't want freezing cows in pens. Might hamper upsurge. If sales are brisk, that may help Feeders rise. Feeders still steady in Gann Fann 1/1 indicating a strong market.
March Feeder Cattle Slown by CornFeeder Cattle continued up trend heading for 130. Like LIve Cattle, had an uphill battle. Look for possible continuation. Corn was up today but traded back substantially. Possible second day serge up, or reversal that will be good for Feeders. Cross candle sticks and hammers may occur.
March Feeder Cattle break outMarch Feeder Cattle broke out of its triangle consolidation today. Looking for more upside. Corn continues to find obstacles. Projecting Feeders to move up to complete Gartley and Elliot Wave position 5
Jan Feeder Cattle Held FirmAlthough corn prices rose strongly, Jan Feeder Cattle held firm to keep Elliot Wave still in play. Seeing the structure of corn locked in a wedge, and a lot of corn still out there, we may see Feeders rise tomorrow. Previous incarnations of a Bearish cross showed upside possibilities. Gartely still possible to 132.675
Jan Feeder Cattle Makes Double Top ReversalJan Feeder Cattle made a double top reversal today. Possible continued down action. If Feeders regain up side momentum and make triple top, all bets are off.
Feeder Cattle - The ideally bottom for wave A seen at 130.78In October 2014 I called the top almost to the cent (see the link below). The decline from 244.80 is finally coming to an end near 130.78.
Short term I'm looking for the final decline in red wave v of an ending diagonal and once the bottom is in place, a quick return to the origin of the ending diagonal at 169.58 should be seen, within half the time it took to build (that would amount to something like 3 months). That will however, likely be only the first part of wave B, as a continuation higher towards 187.80 and possibly even closer to 201.25 should be expected longer term.
The clear divergence seen from the RSI indicator does confirm that, we are approaching the end of wave A and wave B can start soon.
It's time to close the long term short position and shift towards a long position.
Just a final word. Remember that correction in the commodity complex often is extremely violent. Just look at Soybeans and Soybean Meal.
#Feeder Cattle - ShortThis is simple:
- Logarithmic Trendline capping since 2009
- It went up 80% over a year
>> Locally the progress is protected and it could find its way down like many other things from here.
