Meat and Livestock Commodity Markets Summary for May 22, 2020


Meat and Livestock Commodity Markets Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

LEANHOGS dominated by bears dragging the market lower throughout the day
FEEDCATTLE closes lower for the 4th day in a row
LIVECATTLE finds buyers again around 96.625

Summary

With three out of the three Meat and Livestock Commodity Markets closing lower today, the ones that stand out on the negative side are LEANHOGS losing -2.04% and LIVECATTLE closing -1.2% lower. None of the markets managed to end the day in the green.

One of today's most interesting market conditions in the Meat and Livestock Commodity Markets showed up in LIVECATTLE: Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Live Cattle. Out of 85 times, LIVECATTLE closed higher 54.12% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after nine trading days, showing a win rate of 51.76% with an average market move of 0.13%. Read more

Meat and Livestock Commodity Markets Overviews

LEANHOGS 58.925 -1.225 (-2.04%) LEANHOGS ended the week -1.54% lower at 56.025 after losing $1.225 (-2.14%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
FEEDCATTLE 128.500 -0.175 (-0.14%) Moving lower for the 4th day in a row, FEEDCATTLE finished the week -1.68% lower at 128.500 after edging lower $0.175 (-0.14%) today on low volume. Trading $1.275 higher after the open, the contract was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
LIVECATTLE 97.075 -1.175 (-1.20%) LIVECATTLE finished the week -0.69% lower at 97.075 after losing $1.175 (-1.2%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Read more

Detailed Reports

Daily technical analysis candlestick chart for Live Cattle (LIVECATTLE) as at Jul 10, 2020
Jul 10, 2020
Daily technical analysis candlestick chart for Lean Hogs (LEANHOGS) as at Jul 10, 2020
Jul 10, 2020
Daily technical analysis candlestick chart for Feeder Cattle (FEEDCATTLE) as at Jul 10, 2020
Jul 10, 2020
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