Live Cattle Futures—Live cattle futures in the August contract is sharply higher this Monday afternoon in Chicago up 37 points at 105.65 breaking a 3 day losing streak while still experiencing high volatility. I have been recommending a bearish position from around the 106.30 level and if you took that trade continue to place the stop loss above the 2 week high which stands at 107.17 as the chart structure will not improve for another 7 trading sessions so you’ll have to accept the monetary risk at this time.
Cattle prices are still trading under their 20 & 100 day moving average as the trend remains negative. If you take a look at the daily chart the downtrend line remains intact, however if the 2 week high is broken that situation would also change as it would be time to exit and look at other trends that are beginning.
Feeder cattle prices are slightly lower in today’s trade as corn prices continue to move higher due to excessively wet weather in the Midwestern part of the United States as I think that will also start to pressure the live cattle market so stay short and continue to place the proper stop loss.
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