Live Cattle Futures--- Live cattle futures in the October contract settled last Friday in Chicago at 114.10 while currently trading at 108.00 down about 600 points for the trading week as I have written about in previous blogs I was looking to sell this market several days ago, however I was unable to get executed as I'm currently sitting on the sidelines kicking myself as I still think there is room to run to the downside.
The major break out was at the 111 level the chart structure did not meet my criteria to enter into a short position as I was waiting for some type of price rally to enter, but it never occurred as I will keep a close eye on this market and look to sell on any type of significant rally as I still think 105 is in the cards and if that is broken I think we can head down to the 100 level in the coming weeks ahead as overproduction is continuing to put pressure on this market.
The livestock sector was the biggest bullish trend for the first 6 months of 2017, however that has come to an end so keep a close eye on this market for a possible short in next week's trade as cattle futures are trading under their 20 and 100 day moving average telling you that the trend is so the downside despite today's 140 point rally which I think is due just to oversold conditions as I'm hoping this market can get back up to the 110 level to enter into a new short position.TREND: LOWER–CHART STRUCTURE: POOR
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