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Cattle Futures Under Heavy Pressure on TuesdayLive Cattle
Today’s trade was a snowball like event with bearish headlines feeding on themselves which led to somewhat of a capitulation. I think you still saw some follow-through selling from Friday’s Cattle on Feed report, you had concerns of avian flu spreading, we are entering a time of year that is historically bearish, you had a technical breakdown, and we have the end of month and end of the quarter this weeks with funds not wanting to give back everything they worked so hard for since the start of the year. Is the bottom in? That is still TBD, seasonals would suggest no, but even if it isn’t, I wouldn’t be expecting to see a similar fall out to what we saw at the end of the last year. The main reasons being that we are starting from lower price points with a similar fundamental backdrop, and the second being the fact that Funds are only 60k contracts long, nearly half of what they were last Fall. We’ve had a bearish tilt to our bias for the last several weeks, but the recent pullback is starting to shift the near-term risk back to the upside in our opinion. Resistance: 181.95, 185.85-186.625** Pivot: 179.825-180.625 Support: 175.70-176.40**** Seasonal Tendencies (June Live Cattle)
*Past performance is not necessarily indicative of futures results. Commitment of Traders Snapshot
Feeder Cattle
Resistance: 252.60 253.85, 256.90** 260.65-260.80 Pivot: 247.15-248.00 Support: 243.80**, 240.50, 238.50 Seasonal Tendencies
*Past performance is not necessarily indicative of futures results. Commitment of Traders Snapshot
Continue reading the full report at: Cattle Futures Under Heavy Pressure on Tuesday - Blue Line FuturesFutures 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. On the date of publication, Oliver Sloup did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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