Trying to Find Our Sea Legs

Quick real-time update on these January feeder cattle.

As you know, for those who subscribe to our newsletter or are on trial, we've been discussing why these feeder cattle, both fundamentally and technically, were about ready to get into trouble.

And, of course, past results are not indicative of future results.

But check it out!

Now everybody's wondering, what's next after this big collapse we've just seen?

Well, here's what we deduce.

On the continuation chart, you have 330. That's a 50% retracement.

But on this January contract, a mild 38% retracement doesn't come in until we're near 329, or 328.97 to be exact.

You get the point. It's that 329–330 range.

If we can get something to anchor in here, if it hasn't already happened, then resistance on this recovery rally is going to be tough as we head toward the 338–340 range.

And that's where a little fight is going to come in.

That's where they may try to send this market back down again, because November is known for being a sloppy month for both live and feeder cattle.

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*This is not trading advice; past results are not indicative of future results*