Is There More Upside Left in Cattle Markets?

Livestock Round Up

/ by BlueLineFutures | Leave a comment

Live cattle continued to climb higher in Monday’s trade.  Prices are at important technical resistance levels, is there enough momentum to stage a breakout or will resistance hold?

Live Cattle (December)

December live cattle futures continued their rally yesterday, posting the fifth consecutive day of gains which is the longest streak since July. The rally has brought the RSI to 65, generally anything above 70 is considered overbought. The rally has prices right back to the scene of the crime from the August 2nd breakdown point. If the Bulls can close above 184.225 we could see a technical tailwind take prices up near 188. If the market does take a pause here, a pullback to 181.325-182.07 would be a spot to keep an eye on.

  • Resistance: 184.225-184.50, 187.675-188.00
  • Pivot: 181.325-182.07
  • Support: 179.10-179.97, 175.72-176.10, 173.17-173.87**


Commitment of Traders Update
Friday’s Commitment of Traders report showed another week of flatlining for Fund positioning, important to note that the data is through Tuesday, so it does not include positioning with the rally we saw at the end of the week. Funds are net long roughly 44k futures/options contracts. We view this as a historically neutral position.

Feeder Cattle (October)
October feeder cattle had an inside day yesterday, trading within the previous day’s range. With the market little changed at the close, technical support and resistance levels remain intact. Grain markets continue to see strength this morning on the back of Chinese stimulus, if that strength continues it could impose a headwind for feeders in the short term.

  • Resistance: 245.90, 249.85-250.80*
  • Pivot: 242.75-243.45
  • Support: 239.62-240.15, 236.20-236.75*

Commitment of Traders Update
Friday’s Commitment of Traders report showed funds were net buyers of roughly 1.7k futures/options contracts, trimming their net short position to just 870 contracts.

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Futures trading involves a 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 your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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