Live Cattle (August)
Live cattle broke to the lower end of the range yesterday, but managed to springboard back near our pivot pocket, by the close. The market has been stuck within our support and resistance pockets for nearly a month straight, so we apologize that we sound like a broken record. We remain optimistic and view pullbacks as buying opportunities (as mentioned in yesterday’s report), like yesterday. The Bulls need to see consecutive closes above the top end of our pivot pocket to spark a bigger move, that comes in near 101.90. A breakdown below support, 95.10-95.45 would neutralize our bias.....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)
August feeder cattle threatened Friday’s low, which is also our pivot pocket, 132.75-133.725. The Bulls MUST defend this pocket, a failure to do so opens the door for a retest of the low end of the range, 127.25-128.45. Technical resistance remains intact from 137.70-139.125, we think this will be a tough barrier to break through.....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)
Lean hog futures gaped lower to start the week but managed to defend Friday’s lows. Headlines yesterday morning noted that China told state run companies to stop U.S. agricultural purchases which led to the gap lower, but then there were headlines of 3-cargoes of beans sold to China which put traders at ease and paints the picture as more political rhetoric and hot air.....Contact us for the FULL report!
Resistance: 66.025-66.70***, 68.75****
Support: 54.775-55.35****, 51.325-51.625***
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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.