Live Cattle has bounced 890 points from our Support. Did you Capture it? Do you know how to identify effective Zone of Support for price to bounce from it?
In our post dated 08.09.2019, we wrote, “This Double Bottom for Live Cattle can be considered as Bullish Reversal” and guess what, exactly same thing happened for Commodity Live Cattle. The Zone of Support we identified for Commodity Live Cattle to bounce was 9555. On 09.09.2019 Commodity Live Cattle cracked through the said Support and immediately on the next day i.e. on 10.09.2019 it snapped back and closed above our Zone of Support. After that there is no looking back for Commodity Live Cattle. And within 14 days only, the price of Commodity Live Cattle from our Zone of Support has gone up by a massive amount which is equal to 890 points and still going up as shown below.
Now the question to you is, “Are you in the Trade? Did you enter long on 10.09.2019 to capture this massive move from our Zone of Support?”
If not, please do not worry. We are here to help.
Please click on the chart if you are interested to capture these types of massive points every week.
Our post dated: 08.09.2019:
Live Cattle is at its All Time Low, Now at the time of writing this post. What is Next for Live Cattle? Let us find it out through this blog post.
At the time of writing this post, Live Cattle (LC) is trading at around 9,555 level as shown below in the price chart for Live Cattle. The all time low for the commodity Live Cattle was 9,560 printed in the month of October 2016.
Live Cattle touches (tested) the above mentioned price level of 9,560 on last Friday, the 6th of September 2019, to be precise and went down a little to the price level of 9,555 on the same day. This new low is lower than the previous printed low for Live Cattle by just 5 points.
These 2 said lows for Live Cattle, of which the second low of 9,555 is lower than the previous low of 9,560, can possibly form a special reversal structure which is known as Double Bottom. This Double Bottom for Live Cattle can be considered as Bullish Reversal if certain Technical forms take place in future as per our Proprietary Commodity Trading Strategy.
Now the all important question: is Live Cattle going to reverse form its All Time Low and if yes, When and How?
1. Analyze Live Cattle’s price action through Standard Deviation Channel and
2. Project the price if certain technical forms take place.
Lets do it one at a time:
1. Analyze Live Cattle’s price action through Standard Deviation Channel: To know whether the price action of Live Cattle is going to bounce or not you can draw a Standard Deviation Channel from the swing high of November 2014 till date in a monthly time frame chart. When you draw that, you will notice that the price is yet to be supported by the low of the Standard Deviation Channel which can be found at around 8,600.
If price is going to go that far in near future then it is fine and probably get a support at that level of 8,600 and reverse. If price is not going to go that far then it may form the said structure of Double Bottom around the said level of 9,500 or 9,000. If it happens so in recent future then we need to see that the price of Live Cattle is closing above the previous low of 9,560 and its high is taken out.
2. Project the price if certain technical forms take place: If the price of Live Cattle is coming up and closing above the previous low of 9,560 and its high is taken out on a monthly basis then the price objectives for Live Cattle can be found at 10,046 level, 10,222 level, 10,434 level and 10,871 level.
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