Daily Feeder Cattle Technical Update (6.16.22)
Feeder Cattle
Technicals (August): August feeder cattle were firm today, despite the strength in the corn market. A lot of today’s action in commodities was likely on the back of the outside markets showing signs of stabilization. Feeders traded up into our resistance pocket, 173.85-174.02 but couldn’t get much more going, keeping that pocket intact for tomorrow’s session. On the support side of things, 170.975-171.40 is the pocket the Bulls need to defend. This pocket represents previously important price points, trendline support from the May 23rd lows, and the 50-day moving average.
Resistance: 173.75-174.02***, 176.45-177.075***, 178.225**, 181.65-182.10****
Support: 170.975 -171.40****, 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 firm today, despite the strength in the corn market. A lot of today’s action in commodities was likely on the back of the outside markets showing signs of stabilization. Feeders traded up into our resistance pocket, 173.85-174.02 but couldn’t get much more going, keeping that pocket intact for tomorrow’s session. On the support side of things, 170.975-171.40 is the pocket the Bulls need to defend. This pocket represents previously important price points, trendline support from the May 23rd lows, and the 50-day moving average.
Resistance: 173.75-174.02***, 176.45-177.075***, 178.225**, 181.65-182.10****
Support: 170.975 -171.40****, 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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