Live Cattle Futures—Live cattle futures in the June contract is trading higher for the 2nd consecutive trading session up another 20 points at 120.77 in a lack luster trade.
If you are long a futures contract I would continue to place the stop loss under the 2 week low which now has been raised to 118.70 as an exit strategy as I think if that level is broken you want to be neutral this market.
For the bullish momentum to continue we have to break the April 4th high of 121.90 in my opinion and if that does occur I think we could retest the 125 level relatively soon. Hog prices are still right near a contract high despite today’s sell-off as that has helped support cattle prices as prices are still trading above their 20 on 100 day moving average as the trend remains higher. If you take a look at the weekly chart the uptrend line remains intact, but that will be broken if 118.70 is cracked.
Volatility remains very high and that situation is not going to change anytime soon so if you do get involved in cattle make sure that you risk 2% of your account balance on any given trade while placing the proper amount of contracts therefor balancing risk.
CHART STRUCTURE: EXCELLENT
VOLATILITY : HIGH
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