Cattle Prices Continue Bearish Trend

Live Cattle Futures---Live cattle futures in the August contract is trading for the 3rd consecutive session down another 40 points at 104.15 as I have been recommending a bearish position from around the 106.30 level and if you took the trade continue to place the stop loss above the June 12th high of 107.1 7 as an exit strategy.

The chart structure will start to improve in next week's trade therefor the monetary risk will be reduced as prices have broken out of a descending triangle which I've written about in yesterday's blog so if you're short continue to stay short.

Feeder cattle prices are down another 100 points as they continue their bearish trend and that is also putting pressure on the live cattle market as corn prices are up another $0.09 today and look to move substantially higher my opinion as we continually rain in the state of Illinois which is a negative not a positive towards corn.

Cattle prices are trading under their 20 and 100 day moving average as clearly the trend is negative, however for the bearish momentum to continue we have to break the May 31st low of 102.30 as that could possibly happen in next week's trade.

TREND: ----LOWER

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

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