LIVE CATTLE: Apr
With the late session break in the cattle market today's resistance will move down to $94.15. Opening below upper momentum of $93.77 could pressure trade early down to the wide area of support from $93.50-25. Closing below $93.25 would turn the market over for a larger correction. Pushing back above $94.15 will then again allow a move back up to $94.60.
Support: 93.77 & 93.25 Resistance: 94.15 & 94.60 Long Term Trend: Up above 92.95 Short Term Trend: Up above 94.57
Upper Momentum: 93.77 Lower Momentum: 92.02
FEEDER CATTLE: March
If the March feeders open below $101.80 it would be possible to see a continuation correction down to $100.60. Upper resistance has move down to $102.10, so opening above this would allow a bounce back to $102.62. Expect continued sideways trade.
Support: 101.80 & 101.25 Resistance: 102.10 & 102.62 Long Term Trend: Up above 101.95 Short Term Trend: Down below 103.00
Upper Momentum: 102.50 Lower Momentum: 101.27
CORN: May
May corn could never maintain below 365 yesterday, but could work down to 360 in the near term. Near term bounces should hold below 366-367, pushing above this area will open the door for potential rallies that will test 370 and 376. Only closing above 376 would turn the market back to a more bullish chart pattern. Breaking 363 or opening below this area allows a move to 360.
Support: 365, 363, & 360 Resistance: 366, 367, & 370 Long Term Trend: Down below 378 Short Term Trend: Down below 380
Upper Momentum: 385 Lower Momentum: 372
Hogs: Apr
The April hogs consolidated most of yesterday's session. Again today below $73.00 the market looks slightly negative with chances of pushing down to $72.00. Moving back above $73.00 today resumes the current bull trend with targets again up at $73.90-$74.30. Until the market moves above $74.30 or below $72.00 then we could see more sideways action.
Support: 72.55 & 72.00 Resistance: 72.80 & 73.30 Long Term Trend: Up above 73.00 Short Term Trend: Down below $74.00
Upper Momentum: 73.42 Lower Momentum: 71.27
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.
