Livestock
(HEQ24)
August Hogs have come into a key long term 38.2% Fibonacci retracement based on the continuation chart at 95.30, just above this is 61.8% back of the contract high and low at 96.40. There is also a major Gann square at 95.75. Holding this area has the potential to send the market 61.8% back to the 4/10/24 high at 103.20 based on the ONE44 61.8% rule. Using the ONE44 38.2% rule it could be even more. As always we will watch all the retracement on the rally to see just how strong, or weak the market is.
(LEQ24)
August Cattle just finished a 78.6% retracement that started at 168.25 on 4/12/24 to 78.6% the other way at 181.33 on 5/22/24, this was the target based on the ONE44 78.6% rule. Using this same rule the long term target is 78.6% the other way at 170.48, this is also a major Ganns square. Here too, we will watch all the retracements on a setback to see just how weak, or strong the market is.
You can get more on how to use the Fibonacci retracements with the ONE44 rules and guidelines HERE.
Overview
Wheat remains the strongest of the Grains, but is up against some long term resistance, we will be watch the retracements below to see just how weak, or strong this market is.
Soybeans and Corn need higher closes tomorrow to keep the current trends intact.
Cattle hit 78.6% above and Feeder Cattle fell just short of it, we are looking for a good setback from here, but will watch all the retracements below.
Lean Hogs came into some long term retracements and there could be a strong rally from here.
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