Feeder Cattle Threaten a Technical Breakdown
Feeder Cattle
Technicals (August): August feeder cattle futures broke below trendline support yesterday, which took prices into our 4-star support pocket, 171.45-172.40. All else held equal, this is a MUST HOLD pocket for the Bulls, a break and close below could open the door for a drop into the mid-160’s. We say “all else held equal” because tomorrow’s USDA report may have a big impact on price action that could negate short term technical.
Resistance: 175.50-176.125**, 176.80-177.075***
Pivot: 173.75-174.02
Support: 171.45 -172.40****, 169.40**, 167.325**
Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.
Technicals (August): August feeder cattle futures broke below trendline support yesterday, which took prices into our 4-star support pocket, 171.45-172.40. All else held equal, this is a MUST HOLD pocket for the Bulls, a break and close below could open the door for a drop into the mid-160’s. We say “all else held equal” because tomorrow’s USDA report may have a big impact on price action that could negate short term technical.
Resistance: 175.50-176.125**, 176.80-177.075***
Pivot: 173.75-174.02
Support: 171.45 -172.40****, 169.40**, 167.325**
Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.
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