LIVE CATTLE: June
Cattle are lower again. Opening below $91.00 the market will test yesterday's lows. Breaking below those levels and the next solid support will be $89.47 which could prove to be a good low for the June contract. Opening above $91.00 the market can grind up to $91.50, but closing above $91.50 could relieve selling and allow for a larger correction up to $92.50.
Support: 91.00 & 90.27 Resistance: 91.50 & 92.27 Long Term Trend: Down below 92.25 Short Term Trend: Down below 93.40 Upper Momentum: 96.47 Lower Momentum: 92.47
FEEDER CATTLE: Aug
Feeders continue to weaken and most likely will continue towards $108.42. The market is already trading below support so I would look for early trade to push down to $109.35. Resistance on any bounces will be at $110.27. The market will need to close back above this area before stabilizing in order to correct higher.
Support: 109.90 & 109.35 Resistance: 110.37 & 110.65 Long Term Trend: Down below 111.62 Short Term Trend: Down below 112.35 Upper Momentum: 115.87 Lower Momentum: 111.87
CORN: July
Considering all the bearish outside factors the corn market has been able to hold firm. The market is still trading in a large range and has bounce off of the previous low of the range. Again the market is stuck trading around the 358 area. This area should be early support with 360 as resistance. Opening above 360 expect a push to 363, but breaking back below 358 the market will move down to 354. Closing on a daily basis below 354 is bearish
Support: 358, 354, & 350 Resistance: 360, 363 & 365 Long Term Trend: Down below 367 Short Term Trend: Down below 365 Upper Momentum: 375 Lower Momentum: 360
Hogs: June
The hog market continues to erode with the stock market. At times this market wants to firm up and correct but outside factors continue to be key. I now look for the market to trade down and test the lower momentum collar at $78.82 in the days ahead. With the lower trade I would look for bounces to stall just under $80.20 early. If the market pushes above this level on good volume it would be possible to see a move to $81.60.
Support: 79.27 & 78.82 Resistance: 80.20 & 80.70 Long Term Trend: Down below 80.35 Short Term Trend: Down below 81.92 Upper Momentum: 85.40 Lower Momentum: 81.65
Brock Thompson Trading, 2525 Lakeview Dr. Amarillo, TX 79109, brock@brockthompsontrading.com (806)-350-2400
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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.
