Watch us on RFD-TV, today at 12:45pm CT!
Live Cattle (August)
August live cattle futures continued to rally yesterday, taking us right against the 100-day moving average, 100.875. Our pivot pocket remains intact and remains a big hurdle for the Bulls this week. If the bulls want to see a conviction close above 99.85-101.90 to encourage another surge higher. 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. Support remains intact from 95.10-95.45, this pocket represents the gap May 7th, a key retracement, along with other previously important price points. Outside markets have been on fire recently as the country reopens, this has also helped provide support. Yesterday’s Fed Cattle Exchange came up flat, selling 0/1,164 head......Contact us for the FULL report!
Resistance: 104.40-105.97***, 107.925-109.325****
Support: 95.10-95.45****, 92.525-93.675***, 89.05-90.025***
Feeder Cattle (August)
Feeder cattle managed to hold ground yesterday, closing above our pivot pocket, 132.75-133.725. This will continue to be an important pocket for the remainder of the week. If the Bulls can defend this pocket, we could see an extension towards our 4-star resistance pocket, 137.70-139.125. A close back below our pivot pocket would neutralize the bullish momentum and could take us back to the low end of the recent range, 127.25-128.45......Contact us for the FULL report!
Resistance: 137.70-139.125****, 145-146***
Support: 127.25-128.45***, 123.475-124.30***, 121.00-121.65****
Lean Hogs (July)
July lean hogs tried to breakout above the 50-day moving average but failed to hold those gains into the close. The reversal is not Bullish, but it is not a technical failure yet either. 60.70-61.725 is our pivot pocket, consecutive closes above here opens the door for an extension towards the May 4th highs, 66.70. We have been making higher lows and higher highs since posting a low in the beginning of April. The coming week could be very telling, we are in the camp that we settle into more of a sideways range......Contact us for the FULL report!
Resistance: 66.025-66.70***, 68.75****
Support: 54.775-55.35****, 51.325-51.625***
Reach out to learn more about our new Ag Trade Alerts program or Sign up for your FREE trial of our daily commodity reports!
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.