LIVE CATTLE: Apr
The cattle market finally was able to price in some weather premium on Friday. To start the week the Apr cattle should have support at from $90.10 to $89.80. Holding above this area keeps the market in a near term bull set up with $91.20 the upside objective. Closing above $91.20 takes the market to $92.37 by the end of the week. If the market test $91.20 and fails to move above it watch for a reversal back below $89.67. Closing below this area will allow a move back to $88.67.
Support: 90.10 & 89.67 Resistance: 90.90 & 91.20 Long Term Trend: Up above 89.85 Short Term Trend: Up above 89.80
Upper Momentum: 90.35 Lower Momentum: 89.25
FEEDER CATTLE: March
Opening above $98.37 this morning the market could move up to $99.15 intraday, but would need to close above $98.70 to confirm another leg up. On the downside the market needs to take out $97.20 in order to take out the bullishness the market still holds. A close below $97.20 would allow a correction down to now $95.90
Support: 97.70 & 97.20 Resistance: 98.37 & 99.15 Long Term Trend: Down below 98.37 Short Term Trend: Down below 98.70
Upper Momentum: 99.10 Lower Momentum: 97.77
CORN: Mar
The overnight corn market gapped higher and traded up against resistance. A pit opening above 352 this morning will continue to support the market and allow a grind higher through the week reaching the 365 area. Opening or breaking back below 352 would once again turn intraday charts back bearish with the expectations that the market will move down to 342.
Support: 352, 349, & 346 Resistance: 354, 358, & 365 Long Term Trend: Down below 365 Short Term Trend: Up above 342
Upper Momentum: 365 Lower Momentum: 355
Hogs: Apr
Another day of choppy trading was seen on Friday as the Apr hogs look for their next direction. For today opening or holding above $66.60 and the market will be supportive, but will need to move above $67.50 in order to attract new buying. Above $67.50 the market can move up to $68.12. On the downside breaking below $66.57 would then again turn charts negative and start another break that could reach down to $63.45 over the next few weeks.
Support: 66.57 & 65.72 Resistance: 67.27 & 67.50 Long Term Trend: Down below 67.27 Short Term Trend: Down below 68.00
Upper Momentum: 70.72 Lower Momentum: 66.57
Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, brock@brockthompsontrading.com (806)-350-2400
Would you like to know tomorrow's trading targets today? If you would like to know where support, resistance, value ranges and market collars are projected for the following trading day or more about how we trade please visit www.MarketDayTrading.Com.
Make note that intra-day support and resistance prices change throughout the day, so if you have any questions during market hours please give me a call for an update.
These forecasts are solely the opinion of the author and make no representation as to how the market will actually trade. There is substantial risk of loss in trading futures and options; therefore you should carefully consider whether trading is appropriate for you in the light of your financial situation.
