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Check out the Article: Cattle Consolidate - Blue Line Futures
Live Cattle
Technicals (June-M)
June live cattle tested the upper end of resistance and stalled again; we have had that pocket outlined as 178.45-178.80. Our daily commentary might start to get a little boring if our thesis of a consolidation trade plays out. Although the commentary may be boring, the trading opportunities could be plentiful on both sides of the market.
Resistance: 178.45-178.80*, 179.65-180.75
Pivot: 175.80-176.20
Support: 172.90-173.425* 169.00-170.00*
Feeder Cattle
Technicals (August – Q)
August feeder cattle futures were firm yesterday, but it wasn’t enough to really change the technical landscape as the market seems tethered to our pivot pocket from 254.02-255.00. From a trader’s perspective this is “no man’s land”. Would rather buy it lower and sell it higher.
Resistance: 258.00-258.50***, 263.325-264.875****
Pivot: 254.025-255.00
Support: 248.30-250.075****
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