Cattle Prices Remain Bearish

11 Dec in Blog, commodity consulting, commodity trading, feeder cattle futures, futures broker, Lean hog futures, live cattle futures, Michael Seery, option broker, Seery

Cattle Futures--- Cattle futures in the February contract settled last Friday in Chicago at 129.22 while currently trading at 126.90 continuing its bearish momentum as I've been recommending a short position from around 133.20 and if you took the original trade continue to place your stop loss above the 10 day high which stands at 135, however the chart structure will start to improve later next week therefore lowering monetary risk.

There is a possibility in my opinion that a short-term bottom was created in yesterday's trade as a major reversal possibly happened, however I still remain bearish due to the fact that prices are historically high especially compared to the rest of the commodity markets which are much lower than cattle at the current time so remain short in my opinion.

Prices are trading below their 20 and 100 day moving average telling you that the short-term trend is to the downside as lean hog prices have rallied substantially over the last four days as I think that is also supporting cattle prices but I think hog prices are way overdone to the upside as I'm starting to look at shorting this market as well. The U.S dollar is down about 300 points in the last week which has supported some of the commodity markets, however crude oil prices hit a 7 year low and that is definitely putting pressure on the entire sector as a whole as volatility in cattle is extremely high so make sure you risk 2% of your account balance on any given trade as a risk management strategy. TREND: LOWER –CHART STRUCTURE: POOR

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