Cattle Poised To Rally?
Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
The December Canadian dollar
(
CDZ |
Quote |
Chart |
News |
PowerRating), mentioned Monday
night, formed a bearish outside day down in a pullback on Tuesday. This suggests
its downtrend remains intact. Look for a shorting opportunity here.
December live cattle
(
LCZ0 |
Quote |
Chart |
News |
PowerRating) gapped lower on Tuesday’s
open but reversed to close well. This action forms a bullish outside day in a
pullback and also forms a handle of a high-level cup-and-handle. Look for
a buying opportunity here.
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The December Japanese yen
(
JYZ0 |
Quote |
Chart |
News |
PowerRating) appears to be in retrace from lows
mode. Look for a shorting opportunity here on any resumption of weakness.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!