Cattle Shark leaps to 192 before diving deep.Hi everyone!
Here's a more concise version of the cattle price history:
1. 1960s and Earlier:
Before the introduction of live cattle futures in 1964 by the Chicago Mercantile Exchange (CME), prices were influenced by local supply-demand conditions and seasonal factors.
2. 1970s:
Prices rose due to inflation and higher feed costs, reaching around $50 per cwt (hundredweight).
3. 1980s:
During the farm crisis, prices fluctuated between $60-$70 per cwt, impacted by high-interest rates and falling demand.
4. 1990s:
Prices ranged between $65-$80 per cwt, with cyclical booms and busts, including concerns over Mad Cow Disease.
5. 2000s:
After a 2003 Mad Cow Disease outbreak, prices dropped temporarily but recovered, reaching over $90 per cwt by the mid-2000s.
6. 2010s:
Due to droughts reducing cattle herds, prices hit record highs, exceeding $170 per cwt in 2014, before dropping as herds were rebuilt.
7. 2020s:
The COVID-19 pandemic initially caused disruptions, but prices recovered to $120-$140 per cwt in 2021. By 2023, prices were consistently above $160-$170 per cwt, driven by strong demand and rising input costs.
In 2024 ,Cattle prices have been cyclical, responding to changes in supply, weather conditions, global trade, and consumer demand . cattle prices are expected to rise further, potentially reaching $192 per cwt, driven by continuing strong demand and supply constraints and his chart shows technical analysis for Live Cattle Futures and focus on a bearish shark pattern, which is a type of harmonic pattern used to predict potential market reversals.
Fibonacci retracement levels are visible, showing common retracement ratios such as 0.382, 0.5, 0.886, and 1.13 (which is the upper boundary of this pattern).
The points X, A, B, C, and D are the important pivot points for the shark pattern.
Point D, at around 1.92, represents the potential completion of the pattern where a reversal could occur. It lies near the Fibonacci extension levels of 0.886 and 1.13, which are important levels for the bearish shark pattern.
The candlestick patterns forming in the coming weeks will influence the price trend anticipated for 2025.
I'm eager to read your insights in the comments, friends.
SEYED.
