Feeder Cattle Futures Are Coiling
Feeder Cattle
Technicals (August): August feeder cattle were technically sound yesterday, trading nearly perfectly against our technical support and resistance pockets, only to finish the session near our pivot pocket. Those technical pockets remain in play today as the market continues to coil, marking higher lows and lower highs. This type of consolidation typically leads to a bigger directional move. Trendline resistance, the 100 and 200 day moving average are the big barrier on the resistance side of things, that pocket comes in from 175.50-176.125. On the support side, it’s trendline support from the May 20th lows.
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 were technically sound yesterday, trading nearly perfectly against our technical support and resistance pockets, only to finish the session near our pivot pocket. Those technical pockets remain in play today as the market continues to coil, marking higher lows and lower highs. This type of consolidation typically leads to a bigger directional move. Trendline resistance, the 100 and 200 day moving average are the big barrier on the resistance side of things, that pocket comes in from 175.50-176.125. On the support side, it’s trendline support from the May 20th lows.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.