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Daily Livestock Commentary


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Live Cattle (December)

December live cattle finished the session higher (again), but it wasnt all fun and games for the bull camp. Near the noon hour the market broke lower, falling from 114.175 to 112.625 within 20 minutes. The market managed to rally back and finish the session near the highs of the day, coinciding with our 4-star resistance pocket from 113.85-114.925. Obviously, a wider pocket than wed like, but an important one. This pocket contains the 200-day moving average, a key retracement, and the top end of the range from July. This coupled with an overbought condition could be enough to halt the rally. Todays Fed Cattle Exchange sold 0 of 768, they will be having an auction on Friday too, testing to see if it drums up anymore business.

Resistance: 113.85-114.925****

Support:112.00-112.20**, 109.00-109.50***


Feeder Cattle (November)

November feeder cattle tried to break lower but managed to hold ground into the final hour of trade. If the bulls can continue to defend 145.00-145.50 through the week, we could see a run towards 149.275-150.15. With that said, the market is in overbought territory and is ripe for a healthy correction. Consecutive closes back below 145.00 could spark a round of long liquidation and take prices back towards 140.00.

Resistance: 149.275-150.15****

Support: 145.00-145.575**, 140.975-141.35***, 137.325***


Lean Hogs (December)

December lean hogs had an inside day, trading within the previous days range. The market seems conflicted with multiple technical indicators coming in from 70-72. A break lower opens the door for accelerated selling, a break higher opens the door for trend followers to jump on board. Export sales will be the big-ticket news item tomorrow, bulls are hoping for another big buy from China.

Resistance: 73.975-74.25***, 77.80**

Support: 70.15-71.55****, 68.325-68.75**, 67.30**, 65.50*


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Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.

 

 

Contributing author since 10/6/17 

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