Live Cattle Futures—Cattle futures in the April contract is sharply lower by 150 points or 1.37% at 109.75 continuing its bearish momentum to the downside as the Coronavirus is spooking many commodity sectors once again today while also pushing the Dow Jones Industrial Average lower by 700 points.
I have been recommending a bearish position from around the 124.50 level over the last month or so and if you took that trade the stop-loss now stands at 119.15 & in tomorrow’s trade that will be reduced significantly to 116.00 as the chart structure will improve on a daily basis therefor the monetary risk will be reduced dramatically.
Cattle prices are right at a 6-month low, however for the bearish momentum to continue prices have to break the February 28th low of 107.47 as I think that situation will occur and if you have been following any of my previous blogs you understand I think prices could touch the 100 level soon. Demand at the current time is the main culprit as the Coronavirus is a major problem for the agricultural market and until that situation clarifies look for lower prices.
CHART STRUCTURE: IMPROVING
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
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If you’re looking to open a Trading Account click on this link www.admis.com
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.