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Livestock markets recover to start the week.Live CattleTechnicals (June-M) June live cattle futures opened higher and ran on the open but peaked out mid-morning and retreated back to finish the day near our pivot pocket, 172.90-173.425. Resistance was tested and held, keeping it intact from 175.70-176.40. We would look at this as a potential sell zone. On the flip side, support from 169.00-170.00 is what we would see as a near term buy zone. Right smack dab in the middle, there's not a lot of conviction. Resistance: 175.70-176.40, 177.72-178.45 Pivot: 172.90-173.425 Support: 169.00-170.00*** Seasonal Tendencies (June Live Cattle)Below is a look at historical seasonality's (updated each Monday) VS today's prices (black line). Seasonally we start to see June futures soften up, but if you've been watching cattle at all over the last year you know that seasonals tendencies tend to have had a lower correlation this year. *Past performance is not necessarily indicative of futures results. Commitment of Traders Snapshot(updated on Mondays)
Continue reading the article: https://bluelinefutures.com/2024/04/16/livestock-markets-recover-to-start-the-week/
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