GF Long — $GF is holding major prior resistance as fresh supportFeeder cattle (GF) is in a sharp higher-timeframe uptrend emerging from the early June lows, recently peaking near 377. Price has now pulled back into the 366–368 zone, a major level that acted as prior resistance and as a consolidation launchpad during the mid-June breakout. This prior ceiling is now acting as a clear structural support shelf for a higher low.
On the lower timeframe, selling momentum has decelerated upon testing the 366.30 mark, printing a mild rejection wick that indicates buyers are stepping in to defend the retest. A long entry at current pricing positions for a continuation of the primary trend. The stop is tucked below the 365 support shelf and the mid-June swing lows at 363.80, a level that would structurally invalidate the pullback thesis. The target is set at 375.50, securing a strong reward-to-risk ratio while capturing the bulk of the move back toward the recent highs.
The technical long setup is powerfully reinforced by fundamentally tightening supplies. USDA reports of multi-decade lows in cold storage reserves, historically low feedlot placements, and halted Mexican live cattle imports are severely constraining the supply chain. With cash trade firming alongside these deficits, the fundamental backdrop provides strong conviction for the upward price structure to resume.
📍 Entry: 367.250
🛑 Stop: 363.800
🎯 Target: 375.500
⚖️ R:R: 2.39
Long
