Live Cattle Prices Hit A 7 Week High

08 Aug in Blog, commodity consulting, commodity trading, feeder cattle futures, futures broker, Lean hog futures, live cattle futures, Michael Seery, option broker, Seery Futures.com

Live Cattle Futures--- Live cattle futures in the October contract are trading higher by 35 points this Monday afternoon in Chicago currently at 115.90 right near a 7 week high. At the current time I’m sitting on the sidelines waiting for better chart structure to develop as the 10 day low is too far away which currently stands at 111.20 as the risk is about $2,000 which is too much in my opinion so keep a close eye on this market & wait for better chart structure to develop.

Cattle prices are trading above their 20 and 100 day moving average telling you that the short-term trend is higher as a spike bottom may have occurred on July 21st around the 105.25 level as feeder cattle prices continue to march higher due to extremely weak corn prices hitting a 3 month high in today’s trade helping support live cattle prices at the present time.

If you take a look at the daily chart there is a price gap around the 108.50 level as that makes me nervous as in my opinion price gaps are filled it’s just a matter of time as a possible retest of that level could be coming in the next couple of weeks so let’s see what develops over the next couple of days. TREND: -HIGHER –CHART STRUCTURE: POOR

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