This is a sample of Brian’s email newsletter, The Cullen Outlook. This is the Pre-Dawn Targeting portion for Friday, October 30th.
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CHART OF THE DAY:
December LIVE CATTLE: (LEZ5)
Interesting price action yesterday (see yellow highlight). Early in the day we broke above the recent congestion to make a new recent high. Then we spent the rest of the day trading slowly lower to close negative on the day.
I like the idea of getting SHORT this market but I would like to see the market trade a bit higher, back to 143.00 or better would be great. I think the risk does NOT have to be above yesterday’s high rather just above that recent congestion of 144.00 (144.50 perhaps depending on your entry). Reason being, In my opinion, if we start to break higher we will see a retest of the 147.00 level. We might as well have our stop as low as possible and risk just a 1.00 or 1.50 at most.
For objectives, I think the small gap near 139.50 needs to be filled to get started (see blue highlight). Look for the 136.00 to provide a bit of support before possibly breaking down to sub 134.00
(see CATTLE chart below)
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Have a great day!
HAPPY HALLOWEEN this weekend
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