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Is There More Upside Left in Cattle Futures Prices?Live CattleTechnicals (October - V) Consolidation continues to be the theme as the CME CVOL index (measure of volatility) retreats from the recent highs. With the consolidation, not much has changed on the technical landscape as support and resistance levels remain intact from yesterday's commentary, as well as our intermediate term bias which has a bearish tilt to it.
Daily Livestock Summary Below: Daily chart of October live cattle which illustrates the accelerated selling pressure following the breakdown of trendline support. Also included is a set of Fibonacci retracements from the high to low of the recent move.
Feeder CattleTechnicals (September- U) September feeder cattle futures were able to rally to close at their highest level in nearly two weeks. With that said, it wasn't enough to alter the technical levels we have an eye on. Significant resistance comes in from 244.20-244.90, a breakout above there could spur an extension of the relief rally towards 248.77. We remain in the "sell rallies camp", but with the potential of meaningful relief rallies it's going to be important to manage position sizing.
Want to keep reading?Subscribe to our daily Livestock Roundup for daily insights into Feeder Cattle, Live Cattle, and Lean Hogs technicals, including our proprietary trading levels, and actionable market bias. https://bluelinefutures.com/2023-signup/?utm_source=Oliver-Sloup-Barchart Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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. On the date of publication, Oliver Sloup did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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