Continued selling pressure on Live Cattle
From the Chart of the Day:
The Future Focus Chart of the Day is the Short Term Chart for June Live Cattle as we see a bearish wedge pattern that is providing for an opportunity for prices to break in either direction. Here is what we are watching for today and in the coming days. If the price today breaks through yesterday's highs and closes higher, we are looking for a trend reversal, if the pair falls through yesterday's lows and closes lower then we will be looking for a continuation of the short side trend. If the pair closes inside of yesterday's range, then we will still be watching for the breakout the next day.
UPDATE: The USD was weak overnight, but has strengthened a little today putting selling pressure on commodities, this has allowed June Contract prices on Live Catte to decline today from 82.0 to 81.20 . Livestock prices were expected to climb today, but the equity investor's have backed out, maybe waiting for Non Farm Payroll Employent data tomorrow morning.
