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June hogs closed down $1.93 at $110.10.

June hogs gapped down and closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $108.93 would signal that a short-term top has likely been posted. If June extends the rally off November's low, the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70 is the next upside target. First resistance is last-Thursday's high crossing at $115.00. Second resistance is the 87% retracement level of the 2014-2016 decline on the monthly continuation chart crossing at $121.70. First support is the 20-day moving average crossing at $108.93. Second support is the 50-day moving average crossing at $105.12.

June cattle closed down $3.00 at $115.20.

June cattle closed sharply lower on Thursday and below the 10-day moving average crossing at $116.17 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, May's low crossing at $112.57 is the next downside target. Closes above the 50-day moving average crossing at $119.29 is the next upside target. First resistance is the 50-day moving average crossing at $119.29. Second resistance is the April 20th high crossing at $119.83. First support is today's low crossing at $114.70. Second support is May's low crossing at $112.57.

August Feeder cattle closed down $0.03 at $150.50.

August Feeder cattle closed slightly lower on Thursday. The mid-range close sets the stage for a steady to slightly lower opening when Friday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Close above the 50-day moving average crossing at $153.99 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at $146.81 would signal that a short-term top has been posted. First resistance is the 50-day moving average crossing at $153.99. Second resistance is the April 21st high crossing at $154.93. First support is the 75% retracement level of the October-April-rally crossing at $141.77. Second support is the 87% retracement level of the October-April-rally crossing at $138.45.