Markets

Autochartist - Daily Commodities Update: Live Cattle

Live Cattle futures pushed higher to complete the most recent leg up inside a Channel Down chart pattern. The move executed a breakout on the Autochartist 240-minute chart illustrated here, marking a potential transition out of the channel and into a new rally.

The market broke out above the $121.00 per hundredweight to overcome the trend line resistance and closed well. The Channel Down chart pattern scores very high in all fields, with an overall Quality ranking of 8 bars. The momentum of the up-thrust through the top of the channel measures a full 10 bars, which makes for an increased probability of follow-through when the market re-opens following the US Thanksgiving holiday.

The projected price target from here suggests a continuation of the move to at least $123.94 per hundredweight, with the upper end of the forecast coming in at the $127.00 level. If the upper end of this range is achieved, it would be a new all-time high for the Live Cattle futures and pave the way for a resumption of what has become a multi-year bull market.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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