Live Cattle
Technicals (June-M)
June live cattle futures got hit hard in the first half of last week’s trade but were able to find support between the 100-day moving average and the 50% retracement. Near term upside targets for the Bulls come in near 182. As you can see on the chart this was a previously important price point and you also have the 20 and 50 day moving converging hear there. A failure to get out above that pocket could be enough to spark some selling interest.
Resistance: 181.725-182.40, 185.85-186.625
Pivot: 179.825-180.625
Support: 175.70-176.40****
Seasonal Tendencies (June Live Cattle)
Below is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line). Seasonally we start to see June futures soften up, but if you’ve been watching cattle at all over the last year you know that seasonals tendencies tend to have had a lower correlation this year.
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Friday’s Commitment of Traders report showed Funds were net sellers of roughly 3.2k contracts, not a lot, but most of it was from long liquidation. This drops their net long position to 59,164.
Continue Reading the full article at: Can Cattle Futures Recover? - Blue Line Futures
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