Live Cattle Futures—Cattle futures in the April contract opened limit down for the 3rd consecutive session hitting a 2-year low as prices are down another 450 points at 91.07 as this market looks too head even lower in my opinion as there is absolutely no demand for this commodity. I have been recommending a bearish position from around the 124.50 level and if you took that trade the stop-loss now stands at 112.45 as the chart structure is terrible at the current time due to the fact that prices have absolutely plummeted.
The stop loss will start to improve on a daily basis therefor the monetary risk will be reduced significantly in the coming days ahead as all commodity sectors are sharply lower today including the stock market which will open down over 2,000 points as the virus is to blame.
The Federal Reserve lowered interest rates down to zero as that generally is a bullish factor, but there is absolute panic at the current time and if you have been following my previous blogs you understood that I thought the 90 level could be touched as I am now lowering that to the 80 level as the situation is not going to change anytime soon so stay short as this trend is incredibly strong to the downside.
CHART STRUCTURE: POOR
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