Live Cattle Futures–-Cattle futures in the December contract is currently trading at 112.80 while settling last Friday in Chicago at 111.10 up about 170 points for the trading week still hovering near a 7 month high.
I have been recommending a bullish trade originally from the 111.00 level while then adding another contract at 113.30 as the average is around 112.15 and if you took those trades place the stop-loss at the 2 week low at 110.75 on a hard basis only as I am not willing to risk more than that price level.
Volatility at the present time volatility has come to a crawl as prices have gone nowhere over the last couple of weeks, however I still believe prices will break the August 19th contract high of 114.02 possibly in next weeks trade as we just need some fresh fundamental new to dictate short-term price action therefor expanding the volatility which is much needed at this time.
Currently all of my trade recommendations are bullish with mostly concentrated in the grain market which continues to surge higher on a daily basis and as I’ve talked about in many previous blogs I think 2021 will be terrific for the commodity markets to the upside as prices are still cheap.
CHART STRUCTURE: EXCELLENT
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