Live Cattle Futures—Cattle futures in the April contract is sharply higher for the 2nd consecutive session up another 220 points at 98.55 after trading limit up 450 points yesterday as this market is experiencing incredible volatility.
I have been recommending a bearish position from the 124.50 level and if you took that trade the stop loss has been lowered to 106.85 as the chart structure will continue to improve on a daily basis therefor lowering the monetary risk.
There is absolute panic at the current time as the commodity markets are sharply lower once again today coupled with the fact that the stock market is down another 1,200 points as it certainly looks like a massive recession will hit the United States in the coming months ahead due to the Coronavirus.
I will not be looking at adding more contracts to this position as the volatility is too high as I still think lower prices are ahead as I think this recent rally is based on massively oversold conditions so stay short.
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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