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Cattle Prices Look Bullish


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Cattle Futures--- Cattle prices have traded higher for 6 straight trading sessions right near a 3 month high settling up 187 points in yesterdays trade at 118.80 & as I've talked about in previous blogs if prices broke the critical 117.72 level that would be a bullish breakout to the upside, however I'm not involved as the 10 day low stands at 112.90 risking around $2,400 at this point which is too much in my opinion so I will wait for some type of price retracement therefore lowering the monetary risk.

The next major level of resistance is at the July 20th high of 119.85 and if that is broken you have to think that we will test the contract high which was hit on June 6th at 122.85 as this market does have momentum to the upside as prices are trading above their 20 and 100 day moving average telling you that the short-term trend is higher.

Prices in yesterdays trade filled the gap created on July 21st & as I have talked about many times I don't like gaps as they are generally filled as that was the case once again as it just took 3 months to do it, so keep a close eye on this market for a possible bullish position as I am certainly not recommending any type of bearish position as that would be counter trend trading which is dangerous over the course of time as trading with the path of least resistance is the more successful way to trade in my opinion.TREND: HIGHERCHART STRUCTURE: POOR

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-312-224-8140 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: mseery TWITTER---@seeryfutures

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Email: mseery@seeryfutures.com

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There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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