Live Cattle Futures—Cattle futures in the August contract experienced a very quiet Tuesday afternoon in Chicago finishing down 10 points breaking a 3-day winning streak currently trading at 100.00 as we are awaiting some fresh fundamental news to dictate short-term price action.
I have been recommending a bullish position over the last week from around the 99.80 level and if you took that trade continue to place the stop loss under the 10-day low which stands at 95.07 as an exit strategy, however the chart structure will not improve for another 6 trading sessions so you will have to accept the monetary risk at this time.
Cattle prices are still trading above their 20 & 100 day moving average as the trend is to the upside looking to break out of the tight 8 week consolidation and for that to occur prices have to break the May 8th high of 100.85 which could happen possibly later this week.
At the present time this is my only livestock recommendation as I’m also keeping a close eye on corn and soybeans to the upside as I think many commodity sectors look cheap especially if the United States economy starts roaring back like it did pre-pandemic so continue to play this to the upside.
CHART STRUCTURE: SOLID
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