Feb Live Cattle made a bullish move today creating either a three drives scenario or a possible bearish bat . Cattle needs to break 121.900 and hold steady above this line to get any traction. A fail would put us back into a horizontal three drives pattern. Since Cattle loves double tops this could also be a bearish Gartley stopping at 126.475 which is the current pivot . In coming pivot would be around 122.200. Significant trading came in at 118.850 so that would be support for this uptrend. Overbought RSI would take us anywhere between pivot 126.500, and 130.
Live Cattle ended the day with a bearish doji. May see fall back to 118.850 for last series of three drives.
Live Cattle showing possible continuation of an up move as it peak over psychological resistance at 122. We should see a rise beyond S1 tomorrow if bulls can keep momentum. May fall back to create last move of the three drives.
Live Cattle surges higher. Upside target 124.275 at R1, then 126.025 at R2
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Live Cattle fail Three drives may still be open here. Moving to April contract.