• Oliver Sloup

Livestock Roundup

Live Cattle (August) August live cattle finished down 3.15 for the week as the cash trade continued to retreat, keep in mind that futures are still at a steep discount. Friday’s Commitment of Traders report showed funds added 1,305 contracts to their net position, bringing it to 15,681 contracts. Technical support remains intact to start the week, we have defined that as 96.10-95.45, the Bulls MUST defend this pocket on a closing basis. A break and close below could take us back near the 90.00 handle.

Resistance: Support:

....Contact us for the FULL report! Feeder Cattle (August) August feeder cattle have been trading sideways for the better part of the last two weeks, coiling up on the chart, bringing us closer to an inflection point where we could see a bigger directional move, a breakout, or a breakdown. As to who has the advantage right here, right now? It is a coin flip as we sit in no-mans land, but we expect to get some technical clarity this week.

Resistance: Support:

....Contact us for the FULL report!

Lean Hogs (July) July lean hogs continued to bleed lower last week as technical support continued to give way. Previous support now becomes resistance, we see that as 54.775-55.35. The Bears remain in control until we see consecutive closes back above that pocket. Friday’s Commitment of Traders report showed funds sold 3,666 contracts, shrinking their net long position down to 6,617 contracts.

Resistance: Pivot: Support:

....Contact us for the FULL report!

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Call/Text/Email, Oliver with any questions.

Oliver@BlueLineFutures.com and 312-837-3938

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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