Live Cattle (April)
With the shot clock winding down on February futures, we are shifting the focus of our daily writeups to the April contract. Which we have been more optimistic on, compared to the February contract. Significant support comes in from 117.25-117.675, this pocket represents a key retracement and a congestion area for the market over the last three months. A break and close below here could keep the pressure on. The Bull camp wants to see a conviction close above 119.90 to spur another wave of buying, which could potentially take us back into the mid 120’s and close to the contract highs from last January, 124.50.........Click this link to read the FULL report and receive our daily commentary
Resistance: 119.40-119.90****, 120.775-121.40**, 124.50**** Support: 117.25-117.675****, 114.65-115.525*** Feeder Cattle (March)
March feeder cattle broke lower to start the week, but unlike last Monday, the market recovered early losses to finish the session closer to unchanged. Support remains intact from 134.65-134.85, this pocket represents the 50% retracement (middle of the range) from the contract highs in August to the lows in October. 137.25-137.925 represents another key retracement and represents a congestion area that we are seeing play out over the last week. The Bulls need to achieve consecutive closes above this pocket to spur a recovery of last Monday’s drop off. 139.175-140.25 is that next line in the sand.........Click this link to read the FULL report and receive our daily commentary
Resistance: 139.175-140.25****, 143.475**** Pivot: 137.25-137.925 Support: 134.65-134.85***, 133.00***, 130.00-130.70*** Lean Hogs (February)
February lean hog futures pulled back to our first support pocket and held it into the close, we have defined this as 68.00-68.50. As mentioned in previous reports, this was previous resistance, which now puts it as technical support. The Bull camp must defend this pocket. A break and close below here would likely trigger additional selling pressure, leaving the door open for a potential retest of the bottom end of the range from November/December 62.70-63.70.........Click this link to read the FULL report and receive our daily commentary
Resistance: 72.00-72.60****, 77.00** Pivot: 70.15-70.45 Support: 68.00-68.50***, 62.7-63.70****, 58.25-59.65**
Sign up for your FREE trial of our daily Grain & Livestock Market Analysis!
Follow us on our social media sites to stay on the pulse of our latest research and commentary!
Twitter - twitter.com/bluelinefutures
Facebook - facebook.com/BlueLineFutures
YouTube - YouTube.com/BlueLineFutures
StockTwits - stocktwits.com/BlueLineFutures
Latest blog posts - bluelinefutures.com/blog
Blue Line Futures
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.