Are Cattle Prices Going Higher ?

09 Oct in Blog, commodity trading, feeder cattle futures, futures trading, Lean hog futures, live cattle futures, livestock futures, Mike Seery, milk futures, seeryfutures

Cattle Futures--- Cattle futures in the December contract are trading higher for the 3rd consecutive session up another 25 points at 117.15 right near a 3 month high looking to retest the September 22nd high of 117.72 and if you are short a futures contract that's where I would place the stop loss as an exit strategy as the momentum is turning higher.

The next major level of resistance is around the 120 area and if that is broken prices look to possibly retest the June 6th high of 122.85 as prices are now trading above their 20 and 100 day moving average telling you that the short-term trend is to the upside despite the fact that the U.S dollar is right near a 6 week high, but is having very little negative impact on cattle here in the short-term.

Hogs and cattle have been relatively strong over the last couple of weeks as a seasonal bottom might be in place & if you look at 2016 around this time that's when prices started to rally throughout the rest of the year as that could be the case once again, however the chart structure is not excellent so if prices do break out to 3 month highs I will wait for some type of retracement therefore lowering the monetary risk before entering into a bullish position, however I'm certainly not recommending any type of bearish position if the 117.72 level is broken.TREND: --HIGHER--CHART STRUCTURE: SOLID

 

 

 

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