October lean hogs were the big winner in the protein complex yesterday, surging out above resistance with the 200-day moving average insight.
Live Cattle
Technicals (October- V)October live cattle struggled to get out above trendline resistance this week which may have added some technical pressure to prices in yesterday’s trade. The market pulled back to the 50-day moving average which acted as support. If the market fails to defend our pivot pocket from 178.62-179.10 we could see further long liquidation ensue. Resistance: 181.52-182.30***,183.72-184.35***Pivot: 178.62-179.10 Support: 176.20-177.25****
Seasonal TendenciesPrior to Thursday and Friday, October live cattle were trading on par with historical seasonal tendencies.
Feeder Cattle
Technicals (October – V)Previous resistance is now support. 253.50-254.25 is the battleground area for the Bulls and the Bears. A break back below that pocket could spur additional technical selling with little in the way until closer to 250.225. On the resistance side of things, this week’s highs act as the first barrier. That comes in from 257.40-257.925.Resistance: 257.40-257.925**, 260*Pivot: 256.00-256.50 Support: 253.50-254.25***, 252.60-253.00**
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.
Lean HogsTechnicals (October – V)Check out yesterday’s 2-Minute Drill for the technical breakdown of the October Lean hog chart:Â 2 Minute Drill – Lean Hogs & Corn – Blue Line Futures Resistance: 85.15-85.75***** Pivot: 83.12Â Support: 80.55-81.50***, 77.57-77.80****
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
