Where Are Cattle Prices Going ?

05 Feb 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 April contract finished on a sour note this Friday afternoon in Chicago currently trading at 134.30 down 135 points unchanged for the week as high volatility continues to be the name of the game in the cattle market in recent months.

At the current time I am sitting on the sidelines waiting for better chart structure to develop therefore lowering monetary risk in my opinion as this market has been very wild and probably will not settle down for some time to come, but it certainly looks to me that 138.50 is major resistance and very difficult to penetrate. If you are producer I would definitely start hedging 10%/15% of risk just in case prices go back down as we can test the 124/126 level which is a possibility in my opinion.

Cattle prices are trading above their 20 and 100 day moving average which tells you that the short-term trend is to the upside, but the long-term down trend line is still intact as the risk/reward is starting to be in your favor as the chart structure is improving on a daily basis, but you’re going to have to be patient on the speculative side as there is no trend prevalent so avoid this market and look at other markets that are beginning to trend. TREND: -HIGHER--CHART STRUCTURE: IMPROVING

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