Can Cattle Continue Higher?

Live Cattle (December) December live cattle found some initial follow through to the upside, yesterday, but fizzled out into the afternoon session. The market finished right back in our pivot pocket, which we have defined as 127.825-128.30. The Bulls want/need to defend this pocket through today’s close to encourage an extension of Monday’s relief rally. If they can defend that pocket, we could see a move towards 1.....Click here to get our (FULL) daily reports emailed to you!

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Support: Feeder Cattle (November) November feeder cattle futures were higher yesterday but ran out of gas in our first resistance pocket, which we defined as 157.90-158.00 (yesterday’s high was 157.925). If the Bulls can chew through this pocket, it opens the door for a run back above 160, with the more significant pocket coming in from 1.....Click here to get our (FULL) daily reports emailed to you!

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Support: Lean Hogs (December) December lean hogs continued to retreat yesterday, testing and holding first technical support, 81.075-81.525. As mentioned in yesterday’s report, this pocket represents the 100-day moving average, along with other previously important price points. Below this is the gap from September 27th, all the way down at 77.20. The Bulls want to achieve a conviction close back above the pivot pocket to prevent a further retracement to.....Click here to get our (FULL) daily reports emailed to you!

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Support: Dairy GDT results were flat yesterday. WMP made up the majority of volume in the auction and had a slight price decline of 0.04%, while butter and cheddar each rose less than 1%. US prices still lag behind Oceania and Europe even after recent rallies in dairy products, but with supply chain issues continuing into the foreseeable future we are not expecting them to catch up anytime soon. Nonetheless there are more tailwinds right now for US dairy markets and riding the bullish wave would seem to be the right strategy here. Globally milk production is down and the slow down in production here in the States, results of high feed costs and high cull cow beef prices, could see the market continue on the current move higher......Click here to get our (FULL) daily reports emailed to you!

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Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938



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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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