Cattle Prices Look Bullish

Cattle Prices Look Bullish
Cattle Prices Look Bullish

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.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

 

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