April hogs closed up $1.67 at $89.67. April hogs gapped above the 20-day moving average crossing at 88.82 on Thursday confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If April extends today’s rally, the reaction high crossing at 90.90 is the next upside target. Closes below Wednesday’s low crossing at 87.10 would confirm that a top has been posted. First resistance is the reaction high crossing at 90.90. Second resistance is the reaction high crossing at 91.82. First support is Wednesday’s low crossing at 87.10. Second resistance is the reaction low crossing at 86.90.
April cattle closed down $0.10 at 130.35.April cattle were lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month’s decline, last June’s low crossing at 127.55 is the next downside target. Closes above the 20-day moving average crossing at 134.49 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 132.34. Second resistance is the 20-day moving average crossing at 134.49. First support is last Friday’s low crossing at 129.45. Second support is last June’s low crossing at 127.55.
March feeder cattle closed up $0.80 at $147.95.March Feeder cattle gapped up and closed higher on Thursday as it extended the short covering rally off last Friday’s low. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 151.81 are needed to confirm that a short-term low has been posted. If March renews this month’s decline, weekly support low crossing at 141.30 is the next downside target. First resistance is the 10-day moving average crossing at 148.87. Second resistance is the 20-day moving average crossing at 151.81. First support is last Friday’s low crossing at 144.65. Second support is weekly support crossing at 141.30.
