June 18, 2025
Commodity Futures Weekly Newsletter- For the week of June 16th, 2025
Feeder Cattle peak? Breaks of short-term support at 290 would confirm peak.
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A publication by the Research Team at Capital Trading Group: 800-238-2610
Livestock
Feeder Cattle Futures
Feeder Cattle may have peaked at new all-time highs of 314.20.
Feeder Cattle Futures maintain a Bullish RSI reading above 50, at 56.64 and remained above support at 290 favoring a new all-time high above 310.55. Prices closed the week’s trading at 305.975, after setting a new all-time of 314.20 in this week's trading. With 5 waves-up visible, Bearish Opportunities may arise here from the top.
Breaks of Short-term support at 290 would confirm a peak
Any new marginal new high beyond 310 needed to complete Wave 5 would aim for 318.75, as the potential upper projection for a Wave 5 top to form, as mentioned last week. The potential top of Wave 5 came in between 310 and 318.75, at 314.20. We can continue to list 290 as support, as any drop below that level would take prices back into the span of the previous 4th wave triangle, indicating Wave 5 had likely peaked.
Conclusion
With a Wave 5 potentially complete, we are awaiting confirmation of a top to be registered. Structural Support is nearby at the wave 4 triangle endpoint of 281.90. If price continues lower and we witness moves below 281.90, move to confidently Bearish expecting declines to break Trend Channel Support in Wave A of a larger A,B,C Corrective Wave after 5-waves up complete in an Impulsive Wave as per the Elliott Wave Theory model. A break below 50 in RSI, currently at 56.64 or drop in prices below 290, currently at 305.975, would be a good early confirmation that Wave 5 indeed was finished and Wave A lower to beneath 281.90 had started the larger ABC Corrective Wave following a 12345 Impulsive Wave, ending in a Wave 5 thrust to 314.20 from a Wave 4 Bullish Running Triangle.
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Thank you!
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