Live Cattle Futures—Cattle futures in the August contract settled higher by 100 points at 97.30 or 1.05% still stuck in a tight 8-week consolidation looking to break out in next week’s trade in my opinion.
I will be recommending a bullish position if prices close above the June 4th high of 98.25 and I also will be recommending a bearish position if prices break to the down side below the June 15th low of 93.75 as the longer the consolidation is the stronger the breakout as I’m not sure which direction this market is headed at the current time.
Cattle prices are trading right at their 20 and 100 day moving average as the trend is mixed as tomorrow will be the last trading day for the week as the 4th of July holiday is upon us as that should put some volatility in tomorrow’s trade.
At the current time I do not have any livestock recommendations, however the commodity sectors are starting to show signs of life as I do think the break out will be significant on either side so keep eye on this market as we could possibly be involved tomorrow.
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