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Livestock Roundup

December 30, 2019

Live Cattle (February)

 

February live cattle finished today’s session under minor pressure with trading volume relatively thin. The trend has been sideways to slightly higher for the last two months and quite frankly has been a boring trade. We expect to see ranges expand as we get into 2020 and participation picks back up. Due to Christmas last week, the weekly Commitment of Traders report was delayed today, it showed funds holding a net long position of 86,458 contracts, little changed from the previous week. Resistance comes in from 127.225-127.90, if the market cannot breakout above this pocket, we would expect to see prices retreat towards the bottom end of the recent range. That support pocket comes in from....Sign up for your FREE two-week trial!

 

 

Feeder Cattle (January)

 

January feeder cattle finished today’s session little changed, trading in a relatively tight range of .875. Volume was thing today, Christmas is over, but a lot of participants are still out this week with New Years on Wednesday (markets closed). Resistance remains intact, we see that as 146.85-147.975. This is a wider pocket than we would like but it holds a lot of significance, including a key Fibonacci retracement and the recent highs. Consecutive closes above here would resume the uptrend and could take us to retest the April highs. On the support side of things 142.85-143.125 is the pocket the bulls need to defend, this represents the 50% retracement, and the lows from last week. A failure at resistance and break below support would market another round of lower highs and lower lows, which could trigger....Sign up for your FREE two-week trial!

 

 

Lean Hogs (February)

 

February lean hogs managed to print and close at their highest price in a month and a half. The chart continues to look constructive and today’s higher leg could be the start of a bigger move. The 100-day moving average comes in at 72.075, a close above here could spark a run towards significant resistance and our objective of 73.95-74.35. This pocket represents a key retracement and the breakdown point from the first half of November. On the support side of things, the bulls need to continue to defend....Sign up for your FREE two-week trial!

 

 

Feel free to contact Oliver with any questions or comments

Call or Text: 312-837-3938

Email: Oliver@BlueLineFutures.com

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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