Feeder Cattle Prices Hit 2 Week Low

10 Jul in Blog, commodity consulting, commodity trading, feeder cattle futures, futures broker, Lean hog futures, live cattle futures, Michael Seery, option broker, Seery Futures.com

Feeder Cattle Futures--- Feeder cattle futures are sharply lower for the 2nd consecutive trading session currently trading at 211 in the August contract down 260 points this afternoon in Chicago as I am now neutral this market as prices hit a 10 day low for the 1st time in over 5 months so I’m sitting on the sidelines waiting for a better chart pattern to develop. This market has had one of the most remarkable runs to the upside I’ve ever seen and it finally has come to an end reversing about 900 points in the last 2 days so if you are currently in the cattle market my recommendation is to move on and remain neutral here in the short term.

Many of the commodity markets are lower once again this morning as feeder cattle prices are starting to get pressured to the downside due to the fact that everything else is going sharply lower currently but I don’t believe this market is going to plunge as the fundamentals are extremely strong, however prices may just gotten ahead of themselves and as a trader you must have an exit strategy as this trade was outstanding but at the current time when prices hit a 2 week low it’s time to move on so make sure you are disciplined and stay with your game plan. TREND: MIXED –CHART STRUCTURE: POOR

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