Live Cattle Futures—Live cattle futures in the June contract settled last Friday at 121.45 while currently trading at 122.50 up over a 100 points for the trading week continuing its bullish momentum.
If you are long a futures contract I would continue to place the stop loss at 118.70, however the chart structure will start to improve in next week’s trade therefor the monetary risk will also be lowered. If you have been following any of my previous blogs you understand that I am bullish cattle prices, but for the bullish momentum to continue we have to break the March 22nd high of 124.90 in my opinion & if you are long a futures contract stay long.
Volatility at the present time remains high and I think that situation will continue for months to come as there is still a lot of uncertainty about what the flood damage created. Cattle prices are trading above their 20 and 100 day moving average as clearly the trend is strong and if you take a look at the weekly chart the uptrend line remains intact as well as I still believe there is room to run to the upside.
Traders are awaiting this afternoon’s cattle on feed report as that will definitely have an impact come Monday’s trade as tomorrow the markets are closed due to the Good Friday holiday.
CHART STRUCTURE: IMPROVING
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
Skype Address: 5da1f85979b7117b
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
Click on Members Login—-Username—coffeeshop
Click login and then click on Blog and click on the title of the story to read—Mike 630-408-3325
Click on my live chat so we can talk as well
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.