Breakfast Report (week of 8/23)

Research Posts Breakfast Report

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Coffee short covering continues.

Screenshot 2023-08-23 072738
Cocoa

Technicals (December)
Cocoa futures stall after breaking to a new contract high and reestablishing it’s Bullish trend on August 17 at 3512. Only a breakdown below 3382 will shift traders to the sidelines.¬†Bias:¬†Bullish/NeutralPrevious Session
Bias: Bullish/Neutral
Resistance: 3471**, 3499-3511****, 3625***
Pivot: 3400
Support: 3382**,  3300-3250***
Screenshot 2023-08-21 071120
CoffeeTechnicals (December)Coffee futures spark a recovery as shorts begin to cover. Only a close above 161.69 switches from a Bearish to a Neutral trend. Overhead resistance at the 200- DMA near 169.55 will also provide headwinds. Risk-off vibes in U.S. Equities continue to weigh in on the market. Bias: Neutral/BearishPrevious Session
Bias: Neutral/Bearish
Resistance: 161.68**, 163.58**, 165.34-166.00****, 170.50***
Pivot: 150.00
Support: 145.00***
Screenshot 2023-08-21 072640
Sugar

Technicals (October)
Sugar futures continue to trade in a Neutral to Bearish trend and will need to close over 24.33 in order to eliminate the Bearish trend. Overhead resistance sits at 25.00.Bias: Neutral/BearishPrevious Session
Bias: Neutral/Bearish
Resistance: 24.45****, 25.00***
Pivot: 23.50
Support: 22.50***
Screenshot 2023-08-21 072736
Cotton

Technicals (December)
Cotton futures face minor overhead resistance at 85.00 while critical support rises to 82.95, where any breach on a closing basis will shift the Bullish trend back to Neutral. Cotton futures captured bullish trade momentum on July 19 at 83.75 and promptly traded up to recent contract highs, which were tested again on August 11. 

Bias: Bullish/NeutralPrevious Session
Bias: Bullish/Neutral
Resistance:85.00*,  88.00**, 89.00****
Pivot: 82.95
Support: 82.00**, 81.67***
Screenshot 2023-08-21 072808
Rough RiceTechnicals (September)Rough Rice futures hover above support at 15.66 where any breach on a closing basis will shift the Bullish trend back to Neutral and could signal a larger washout down to 15.00. 
Bias: Bullish/Neutral
Previous Session Bias: Bullish/Neutral
Resistance: 16.00**, 16.31****Pivot: 15.66
Support: 15.00**, 14.75***
Screenshot 2023-08-21 072837

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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

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