Live Cattle Futures---Live cattle futures in the August contract are sharply lower this Tuesday afternoon in Chicago down 190 points at 104.90 as I've been recommending a bearish position from around 106.30 level & if you took that trade continue to place to stop loss above the 10 day high standing at 108.47 as the chart structure will improve later this week.
In my opinion I believe prices will retest the May 31st contract low of 102.30 as feeder cattle prices are also lower in today's trade as corn continues it's bullish momentum as the whole grain market is higher across the board.
Cattle prices are still trading below their 20 and 100 day moving average as clearly the trend is to the downside as the volatility is high as we are having many 200 or 300 point up or down days so make sure you place the proper amount of contracts.
One of the main reasons why I recommended this trade is I thought the risk/reward was in your favor due to the high volatility as the original risk on this trade was around $900 which is low for the commodity.
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