Live cattle futures continue to struggle against technical resistance. Lean hogs surge higher, will the rally continue?

Live Cattle
Technicals (February – G)
February live cattle futures continue to bump their head against resistance from 168.00-168.50, which is so far marking another lower high. The Bulls will want to see a close above here to encourage buyers back into the market. If they can achieve that we could see an extension back towards 172.40-172.55. On the flipside, a continued failure leaves the door open for a retracement back to support levels.
Resistance: 172.40-172.55***, 174.75-175.25***
Pivot: 168.00-168.50
Support: 166.25**, 162.25-162.60***

Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.

Feeder Cattle
Technicals (January – F)
January feeder cattle had a nice move higher yesterday. If the Bulls can keep the momentum going, we could see prices work back into resistance from 223.00-224.52. On the support side of things, 216.40-218.00 is the line in the sand that the Bulls want to continue defending. A failure to do so could reaccelerate the selling pressure.
Resistance: 223.00-224.52***, 232.20-233.50***
Pivot: 216.40-218.00
Support: 209.00-210.00**

Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.

Lean Hogs
Technicals (February – G)
February lean hogs finished the day limit up. While the defferds did see strength, it wasn’t enough to get them to limit up, which keeps normal trading limits intact for today’s trade. The hurdle the Bulls want to get out above comes in from 71.50-72.00. A move out above there could take us back to trendline resistance near 75.
Resistance: 75.00-76.00***
Pivot: 71.50-72.00
Support: 67.15-67.80***, 65.40-65.67**

Seasonal Tendencies
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.

Oliver Sloup, VP & Co-Founder, Blue Line Futures