Live Cattle Futures–-Cattle futures in the June contract is unchanged at 83.80 in a relatively quiet trading session this Wednesday afternoon which has been a rare occasion as we continually experience limit up or limit down trading sessions as the volatility remains exceptionally high.
At the current time I’m sitting on the sidelines waiting for better chart structure to develop as I still believe there’s the possibility of a spike bottom being created on April 6th at 76.60 as I think all of the poor fundamental news has already been reflected into the price, however the livestock sector still remains very weak due to the Coronavirus situation.
The Trump Administration is hoping that the quarantine will end in the next couple of weeks and if that situation does occur that would be a bullish fundamental factor towards cattle prices as that should spur demand as we enter the summer months while at the current time the risk / reward is not in your favor so be patient and wait for a better pattern to develop which will still take a couple of more weeks.
CHART STRUCTURE: POOR
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
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