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Cow Tipping: February Live Cattle


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February Live Cattle

After taking it on the chin in the final session of last week the market was left vulnerable for a follow thru. Today prices came under early pressure opening lower at 121.45 and quickly posting an extreme to 120.825. The contract did manage to claw it's way into positive territory before stumbling to the lower end of the trading range in mid afternoon activity. Prices closed at 121.175 down .800 for the day. To me it seems the market is poised to trade lower. The 1 x 1 measurement comes in at +/- 117.500 which converges with the .618 retracement level. Lower projection confluence level checks in at roughly 114. Currently prices are just above near term support at +/- 119.750. A reaction here should be expected. I'd be on the lookout to short any choppy rebound up to +/- 123 should the opportunity present itself. Prices should be hard pressed to rise above inside low at 123.600.

My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation.

Please join me next Tuesday as I apply Wave Theory and Geometric targets levels to this and other commodity markets.

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John Lunney

Senior Technical Analyst

Walsh Trading

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Walsh Trading

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About the author


John Lunney began his trading career in 1989 as a clerk for IFO, the largest futures and futures options brokerage on the CME floor. Within one year, John was promoted to an executing floor broker responsible for handling large individual and institutional accounts. John’s knowledge of option theory and tactics quickly attracted a growing customer base. In 2000, John began exclusively trading futures and futures options for his own account. John later became a founding member of VI Capital, a proprietary trading company funded with personal and investor funds. At VI Capital, John was the director of risk management, technical analysis and strategy development. VI Capital realized multi digit returns over the course of 8 years of trading.

John has extensive trading experience in stock indexes, metals, commodities, energy and agriculture products. He believes that hard work reveals the best trading opportunities, and strong discipline creates consistent results. John possesses a unique ability to connect with customers, understand their goals, and work with them to create long and profitable relationships.

Contact John
Phone: 312-957-8108 or 888-391-7894
Email: jlunney@walshtrading.com

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