Are Cattle Futures on the Verge of a Trend Change?

August 17, 2023 / August 17, 2023 by nawadblueline | Leave a comment

Livestock markets were uniformly lower yesterday on the back of poor economic data out of China. Is lower for longer the new trend?

Live Cattle

Technicals (October- V)

October live cattle futures broke below trendline support yesterday and appear to be on the verge of a bigger technical breakdown. A break and close below 178.62-179.10 would confirm that, with the next support pocket coming in from 176.20-177.25.

Resistance: 183.72-184.35***, 185.75***

Pivot: 181.52-182.17

Support: 178.62-179.10***, 176.20-177.25****

Below is a look at the seasonal tendencies for October live cattle

Feeder Cattle

Technicals (October – V)

Feeder cattle futures continue to be mostly rangebound which has kept are daily commentary pretty blah. Technical levels remain intact.

Resistance: 256.00-256.50**

Pivot: 252.60-253.00

Support:247.40-247.75***

Lean Hogs

Technicals (October – V)

October lean hogs continued to bleed lower yesterday, trading down to first support at 78.45. The more significant pocket comes in below there, we’ve outlined that pocket as 77.57-77.80. If that gives way, we could see the selling accelerate with little significant support until about 3.00 lower. The Bulls need to get back above 80.55-81.50 to right their ship.

Resistance: 80.55-81.50***, 85.50-86.40*****

Pivot: 78.45

Support: 77.57-77.80****, 73.52-74.05***

Sign up for a 14-day, no-obligation free trial of our proprietary research with actionable ideas! Free Trial Start Trading with Blue Line Futures Subscribe to our YouTube Channel
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!

Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

Share this:

Related