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DTN's technical analysis finds a bullish momentum divergence in July lean hogs and August live and feeder cattle, with prices making new lows while momentum indicators turned higher. Managed funds cut their net-long in live cattle to 87,039 contracts, the smallest since December.
The divergence signals a possible start to an intermediate-term uptrend if prices clear recent corrective highs, and reduced fund length leaves room to rebuild positions.
dtnpf.comTregg Cronin DTN AnalystMay 20, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Bullish momentum divergence in August feeder cattle and fund net-long liquidation to multi-month lows suggest oversold conditions that could fuel a sharp short-covering rebound.
