Cattle Futures—Cattle futures in the April contract settled last Friday in Chicago at 124.30 while currently trading at 119.80 lower for the 5th consecutive session down about 450 points for the trading week hitting a 4-month low as the agricultural market remains weak due to the Coronavirus causing major concern throughout the world.
I have been recommending a bearish position from the 124.50 level and if you took that trade the stop-loss now stands at 127.47 as the chart structure will improve in next week’s trade therefor lowering the monetary risk. Volatility at the current time remains high as the hog market has absolutely fallen out of bed over the last couple days as I’m not involved in that market, but I did think lower prices were ahead.
Cattle prices are trading far below their 20 and 100 day moving average as the the trend remains to the downside as I think there’s a chance prices could head down to the 110 level in the coming weeks ahead as prices still look expensive in my opinion so stay short.
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