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April hogs closed down $0.58 at $77.58.
April hogs closed lower on Tuesday as it extends this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this year's decline, the October-2021 low crossing at $75.73 is the next downside target. Closes above the 50-day moving average crossing at $85.24 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at $83.91. Second resistance is the 50-day moving average crossing at $85.24. First support is today's low crossing at $77.00. Second support is the October-2021 low crossing at $75.73.
April cattle closed up $0.38 at $162.40.
April cattle closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If April extends this month's decline, the 25% retracement level of the 2021-2023 rally crossing at $160.50 is the next downside target. Closes above the 20-day moving average crossing at $164.24 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $163.19. Second resistance is the 20-day moving average crossing at $164.24 First support is the 25% retracement level of the 2021-2023 rally crossing at $160.50. Second support is January's low crossing at $158.55.
May Feeder cattle closed up $0.45 at $199.60.
May Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, the 50-day moving average crossing at $196.21 is the next downside target. Closes above the 10-day moving average crossing at $201.67 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $201.67. Second resistance is March's high crossing at $207.03. First support is the 50-day moving average crossing at $196.21. Second support is the February 17th low crossing at $193.50.