Cattle Futures Rally

Livestock Round Up Research Posts

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Live cattle and feeder cattle futures are continuing to buck the trend of seasonal weakness, putting together a multiday winning streak that has taken prices back near the highs.

Live Cattle
Technicals (October- V)October live cattle futures were able to chew through trendline resistance but backed off the highs and ended the session right on it, which coincides with our resistance pocket 181.52-182.30.  If the Bulls can chew through and close above this pocket, that would open the door for a potential run at our next resistance pocket, 183.72-184.35.Resistance: 181.52-182.30***,183.72-184.35***Pivot:  178.62-179.10 Support: 176.20-177.25****
LEV2023_2023-08-29_07-05-30
Seasonal TendenciesPrior to Thursday and Friday, October live cattle were trading on par with historical seasonal tendencies.
8.28.23LEV23_builder_78015_0_20035
Feeder Cattle
Technicals (October – V)October feeder cattle shrugged off the higher grain market and beelined it higher, posting new contract highs.  New highs mean we are in Uncharted territory, which makes the task of finding the next meaningful resistance pocket rather difficult. Yesterday’s move higher has brought the RSI up to 64.38, below what technicians refer to as being “overbought.”Resistance: 260*Pivot:    256.00-256.50 Support: 252.60-253.00**, 247.40-247.75***
GFV2023_2023-08-29_07-41-51
Seasonal Tendencies October feeder cattle futures have been bucking the trend of historical seasonal tendencies, see the chart below for Comparisions versus the 5, 10, 15, 20, and 30 year averages. 
8.28.23GFV23_builder_58865_0_20035
Lean HogsTechnicals (October – V)October lean hogs were able to bounce back and recover off of Friday’s losses and then some. Friday’s high will act as today’s first hurdle, that comes in at 83.125.  If the Bulls can chew through that pocket, it would open the door for a retest of the 200-day moving average at 85.24.Resistance: 83.12**, 85.50-86.40*****Pivot: 80.55-81.50 Support: 77.57-77.80****, 73.52-74.05***
HEV2023_2023-08-29_07-44-39

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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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