Cattle Prices Open Limit Down

Live Cattle Futures—An absolute meltdown has occurred across the commodity markets and the U.S equity market which is limit down today causing massive panic throughout all commodity sectors including live cattle which is limit down 300 points at 102.75 and looks to be sharply lower once again in tomorrow’s trading session.

I have been recommending a bearish position from around the 124.50 level and if you took that trade the stop loss now has been lowered to 113.85 as an exit strategy and if you’ve been following my previous blogs you understand that I thought the 100 level could be hit as that looks like a real possibility in tomorrow’s trade as nobody wants to own anything at the current time.

Crude oil prices are down $10 a barrel which is absolutely remarkable or around 30% as a price war between Russia and Saudi Arabia is causing a massive sell-off across-the-board so stay short.

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY: HIGH 

 

 

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

 

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 Email: mseery@seeryfutures.com

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