LE Long — $LE pulling back into the 246-247 shelf after recoveriLive Cattle FuturesCME:LE1!mnktrdOn the 4-hour chart, live cattle futures are in a recovery uptrend off the early-June low near 235, establishing a series of higher lows that now puts price back above the 246–247 zone — a level that was support in late April and early May before the mid-May breakdown. The current pullback from the June 22 high near 250 has brought price back into that reclaimed shelf, offering a defined entry area consistent with the trend. On the 1-hour chart, the last two sessions show a controlled fade — sellers have been unable to extend below 245.50 intraday, and today's bar opened at 246.50, tagged 247.70, and is now consolidating near 247.05. The short-term structure shows higher lows since the June 9 bottom near 235, and the 246–247 zone is acting as a soft floor. Entry near the ask at 247.05 places the stop just below the day's low of 245.50 and the nearby swing support at roughly 245.25 — about 1.3 ATR below entry — beyond where a routine pullback would reach. The first meaningful supply sits at the June 22 swing high near 250.75, just in front of the 251 area where the April high and the USDA slaughter-steer price forecast of $250.16 converge as natural resistance. Fundamentally, the structural supply backdrop is supportive. U.S. cattle inventory is near its smallest in 73 years, weekly slaughter is running nearly 50,000 head below year-ago levels, and cold storage beef stocks are down 2.6% year-over-year. The USDA ERS has lifted its 2026 slaughter steer price forecast to $250.16/cwt, aligning closely with the chart's target zone. Managed money remains heavily net long at 130,113 contracts per recent COT data, suggesting the speculative community is not positioned to drive a sustained breakdown. The above-estimate placements in the April Cattle on Feed report introduce some supply-side caution for later months but do not materially alter near-term price support. 📍 Entry: 247.050 🛑 Stop: 245.250 🎯 Target: 250.750 ⚖️ R:R: 2.06