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Cattle Futures Recover in Tuesday's Trade. Is the Selling Over?Live CattleTechnicals (June-M) June live cattle were able to recover in yesterday’s trade, but it really wasn’t until the last half hour of trade. Much of the mid-morning trade was the market fluttering around near unchanged, which is not what the Bulls wanted to see after such a sharp drop lower in the previous session that was largely headline driven, which to us indicates that there could be a lingering concern surrounding future headlines. Resistance remains intact from 177.72-178.45. If the Bulls can chew through and close above this pocket it could help calm the nerves. Until then, the Bear’s have the technical and seasonal advantage. Resistance: 177.72-178.45,181.725-182.40* Pivot: 175.70-176.40 Support: 172.90-173.425, 169.00-170.00 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)
Continue Reading the full article at: Cattle Futures Recover in Tuesday's Trade. Is the Selling Over? - Blue Line Futures Connect with Oliver Sloup: 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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