Meat and Livestock Commodity Markets Summary for May 29, 2020


Meat and Livestock Commodity Markets Technical Analysis Market Overview Report for May 29, 2020 | by Techniquant Editorial Team

Highlights

FEEDCATTLE breaks below key technical support level
LEANHOGS dominated by bulls lifting the market higher throughout the day
LIVECATTLE breaks below Thursday's low

Summary

With two out of the three Meat and Livestock Commodity Markets closing lower today, the ones that stand out on the negative side are LIVECATTLE losing -1.17% and FEEDCATTLE closing -0.71% lower. On the flipside the best performer has been LEANHOGS closing 2.64% higher.

One of today's most interesting market conditions in the Meat and Livestock Commodity Markets showed up in LIVECATTLE: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Live Cattle. Out of 503 times, LIVECATTLE closed higher 51.29% 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 10 trading days, showing a win rate of 53.88% with an average market move of 0.15%. Read more

Meat and Livestock Commodity Markets Overviews

FEEDCATTLE 136.400 -0.975 (-0.71%) FEEDCATTLE finished the month 5.66% higher at 134.875 after losing $0.975 (-0.72%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
LEANHOGS 57.325 1.475 (2.64%) LEANHOGS ended the month -1.77% lower at 57.025 after gaining $1.475 (2.66%) today on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
LIVECATTLE 103.375 -1.225 (-1.17%) LIVECATTLE finished the month 9.84% higher at 99.900 after losing $1.225 (-1.21%) today. Closing below Thursday's low at 100.125, Cattle confirmed its breakout through the prior session low after trading up to $1.950 below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Feeder Cattle (FEEDCATTLE) as at Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Lean Hogs (LEANHOGS) as at Aug 05, 2020
Aug 05, 2020
Daily technical analysis candlestick chart for Live Cattle (LIVECATTLE) as at Aug 05, 2020
Aug 05, 2020
Trending Assets
Top Movers