Live Cattle (August) August live cattle manage to work higher but fell short of breaking out above our pivot pocket that we have defined as 99.85-101.90. This is a wider pocket than we would like to use, but there are so many significant indicators within these price points that we chose to make one wide pocket, instead of several tighter pockets right next to each other. This pocket contains the 50% retracement (middle of the range from contract highs to contract lows), previously important price points (from last week, to last fall) and the 100-day moving average. If the Bulls can chew through and achieve consecutive closes above the top end of this pocket, we could see prices accelerate higher, the next resistance pocket comes in near 105.....Contact us for the FULL report!
August Resistance: 104.40-105.97***, 107.925-109.325**** Pivot: 99.85-101.90 Support: 95.10-95.45****, 92.525-93.675***, 89.05-90.025*** Feeder Cattle (August) August feeder cattle made it to the top end of our pivot pocket yesterday but failed to breakout. We have defined our pivot pocket as 132.75-133.725. The Bulls need to see consecutive closes above this pocket to ignite a move back towards resistance, which we see coming in from 137.70-139.125. If the Bulls fail to find their footing an ultimately fail at the pivot pocket, we could see prices retreat to the low end of the recent range, 127.25-128.45. We remain optimistic that we can see prices work higher, but it is “go time” for the market to make that move.....Contact us for the FULL report!
Resistance: 137.70-139.125****, 145-146*** Pivot: 132.75-133.725 Support: 127.25-128.45***, 123.475-124.30***, 121.00-121.65**** Lean Hogs (June) Lean hogs started the week under pressure as t appears the market may try to retest support, a pocket that we have defined as 54.775-55.275. This is a MUST hold pocket. We believe the Bulls do have the advantage on the first test, but they need to defend it on a closing basis to keep that edge. Consecutive closes above 59.25-59.95 could be enough to spark a rally towards the top end of the recent range. Ultimately, we would not be surprised to see us settle into a $10 range in the coming weeks, potentially 55-65(ish).....Contact us for the FULL report!
Resistance: 61.00-62.10***, 66.025***, 68.75**** Pivot: 59.25-59.95 Support: 54.775-55.275**, 51.325-51.625***
If you have questions about markets, trading, or opening an account, let us know!
You can email us at info@BlueLineFutures.com or call 312-278-0500
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.