December Live Cattle
The cattle played out in a close fashion to what we had anticipated with an am dip to support at roughly 110.800 and a subsequent recovery above the 112.300 mark. Now what? is the question. The market settled right below the major resistance channel which came in today at 113. Should the market be able to fortify this level it should be considered a breakout. First overhead target comes in at +/-115.300 with a potential reach for 116. A close above 115.500 would be considered favorable leaving the door open for a run at 120-122. The channel line, however, should be respected and if the market falters here a pullback to +/-111.700 would not be out of the question. If in the event the market fails to hold then I'd have to say the bullish stance I'm taking would become suspect. A hold below 111.500 threatens to follow through. Next level of interest comes in at 110.500 .
My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. Please feel free to contact me at Walsh Trading to discuss my technical approach. Employing my expert skill set I’d be pleased to offer a free customized outlook for a product in your specific field.
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