Cattle Futures—Cattle futures in the June contract are sharply lower down 110 points at 121.57 reacting negatively off of the cattle on feed report which was released last Friday.
I have been talking about cattle for quite some time and I still believe higher prices are ahead & if you are long a futures contract I would continue to place stop the loss under the 2 week low which now stands at 119.60 as an exit strategy on a closing basis only.
Large money managed funds are long around 152,000 contracts which is an all time record as they still believe higher prices are ahead and I agree with them at this time, however many of the agricultural markets were lower across the board in today’s trade.
Cattle prices are trading above their 20 & 100 day moving average as hog prices we’re almost limit down in today’s trade as that also put pressure on cattle prices.
If you take a look at the daily chart the uptrend line remains intact as the chart structure for such a volatile commodity remains excellent at the current time so continue to play this to the upside in my opinion.
CHART STRUCTURE: EXCELLENT
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.