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Live Cattle Down 50 Points


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Live Cattle Futures---Live cattle futures in the August contract is trading lower by 52 points at 105.05 in a relatively quiet trade this Wednesday afternoon in Chicago looking for some fresh fundamental news to dictate short-term price action.

If you take a look at the daily chart a descending triangle pattern has developed in my opinion as I have been recommending a bearish position from around the 106.30 level and if you took that trade continue to place the stop loss above the June 12th high of 107.17 as an exit strategy.

The chart structure is excellent at the present time is outstanding as the volatility has slowed down in recent days, but I still believe lower prices are ahead as the downtrend line still also remains intact so continue to play this lower as the risk/reward are in your favor in my opinion.

If prices break the May 31st contract low of 102.30 I think we could bust the 100 level in the coming weeks ahead as traders are also awaiting this Friday's cattle on feed report as that certainly will send volatility into this market next Monday.

TREND: ----LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: AVERAGE

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

TWITTER---@seeryfutures

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Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

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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