Type:
Bullish Rise
Key Levels:
Resistance: 141.125
Pivot: 138.275
Support: 135.500
Preferred Case:
On the H4, with prices moving along an ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 138.275 where the swing high resistance, 61.8% fibonacci retracement and 78.6% fibonacci projection are. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 141.125 where the pullback resistance, 78.6% fibonacci retracement and -27.2% fibonacci expansion.
Alternative Scenario:
Alternatively, price could drop to the 1st support at 135.500 where the overlap support is.
Fundamentals:
Due to the strong cattle prices and fears about demand settling down, we have a bullish view on live cattle.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.