Bears weren't through showing off this morning as traders were able to exceed the $114.30 February low made earlier this week.
Bulls may not be so forgiving, though, as from the low of the day we've already seen a new high for the day posted.
Again, the price rise reflects the subtle changes that most everyone now recognizes. What is needed now is something else to propel prices higher. This may be weather or an abrupt change from the inventory report at the end of the month.
Until then, further sideways trading between the $118.50 high and current $113.97 low February is anticipated. A close above $115.50 February will begin to lead me to anticipate a reversal to at least challenge the $118.50 high.
Nothing is changing in the feeder market so far. A trade above $124.67 March would go a long way toward suggesting the current decline is complete.
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