• Oliver Sloup

Livestock Roundup

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Breaking: China’s Hubei province reported 14,840 new cases of coronavirus last night, which renewed the risk off trade in the overnight session. The situation remains very fluid, we are in the camp that the number of cases reported is grossly underestimated.


Update: We have added a “Bottom Line” section in our daily reports (similar to our “Bias” section in our daily grain reports), based on feedback from clients. If you have any other suggestions, please let us know!


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Or call/text/email Oliver at 312-837-3938 / Oliver@BlueLineFutures.com


Live Cattle (April)


April live cattle managed to stage a relief rally yesterday after testing and holding our 4-star support pocket from 114.925-116.70, the low was 116.65. That pocket represents previously important price points and a Fibonacci retracement from the September lows to the December contract highs. There may be some turbulence in the early morning trade, but we are hoping to see more of a relief rally to re-enter short positions for clients (both speculative and hedgers). First resistance comes in from 118.675-119.05. Cash trade started to pick up yesterday, coming in at 119, one softer than the previous day and two lower from last week.


Bottom Line: Our intermediate term bias is Bearish/Neutral, but we are welcoming a relief rally to re-enter shorts at better prices.


Resistance: 118.675-119.05***, 121.225-121.80***, 123.075-123.45****

Support: 115.925-116.70****, 112.70-113.55***


Click this link to get our FULL report emailed to you daily!

Or call/text/email Oliver at 312-837-3938 / Oliver@BlueLineFutures.com


Feeder Cattle (March)


March feeder cattle tested and held support again in yesterday’s trade, we have had that defined as 133.25-134.20, the low was 134.175. This pocket represents previously important price points and a key retracement. The bull camp MUST defend this pocket on a closing basis, a break and close below could accelerate the selling. There isn’t much meaningful support until you get closer to 130.00 and below. On the resistance side of things, 136.725-137.25.


Bottom Line: Our intermediate term bias is Bearish/Neutral, but we are welcoming a relief rally to re-enter shorts at better prices.


Resistance: 138.80-139.25****, 140.80-141.125**

Pivot: 136.725-137.25

Support: 133.25-134.20****, 130.025-130.30**, 126.05-126.40****


Click this link to get our FULL report emailed to you daily!

Or call/text/email Oliver at 312-837-3938 / Oliver@BlueLineFutures.com


Lean Hogs (April)


April lean hogs tried to find their footing yesterday but failed to gain meaningful ground above our pivot pocket, we have defined that as 64.875-65.025, the high was 65.05. First support was also tested and also held, we have defined that as 63.15-63.60. The bulls must defend this today, a close below could take us back to retest the lows and potentially break us below for new contract lows.


Bottom Line: There’s nothing bullish about the chart, but we can see the case for looking at the buy-side. June has been holding firmer than April recently, something to keep in mind. Something else to keep in mind is position sizing and risk management. With the recent volatility you’ll want to consider cutting back on your position size to give you more staying power in the market. You’ll also want to manage risk and avoid trading your P&L, it’s ok to take losses. Covered calls is a strategy we have been implementing for clients who want to dabble on the buy-side.


Resistance: 67.95-68.675***

Pivot: 64.875-65.025

Support: 63.15-63.60***, 61.00****


Click this link to get our FULL report emailed to you daily!

Or call/text/email Oliver at 312-837-3938 / Oliver@BlueLineFutures.com


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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Futures trading involves substantial risk of loss and may not be suitable for all investors.