Can cattle futures find their footing when we turn the calendar over to September?
Live Cattle (December)
December live cattle were lower in yesterday’s trade as the Bear’s remain in full control of the technical landscape. Though August is a seasonally weak time of year, September is often looked at as more friendly, which could help the market carve out a near term low. We’ve been in the sell rallies camp for most of the month but believe September could present more trading opportunities for participants on both sides of the market.
- Resistance:179.10-179.97, 182.07*
- Pivot: 177.50
- Support: 175.92-176.10, 173.17-173.87***
Seasonal Tendencies
Below is a look at prices averages for October live cattle over the last 5, 10, 15, 20, and 30 years. *Past performance is not necessarily indicative of future results.
Feeder Cattle (September)
September feeder cattle were lower in yesterday’s trade after struggling against the 20-day moooooving average for the fourth consecutive day. Seasonally the first half of September has shown to add some life to the market on the back of a bearish tendency in August but looking at historical price averages futures struggle to find meaningful upside. Whether or not that plays out this year is tbd.
- Resistance: 242.50-243.25, 244.90-245.87*
- Pivot: 239.62-240.82
- Support: 236.57-236.75, 232.75-233.95*
Below: November feeder cattle.
Past performance is not necessarily indicative of future results.
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