Live Cattle Futures---Live cattle in the June contract is trading higher for the 3rd consecutive session up another 120 points at 121.55 after settling last Friday in Chicago at 120.95 up slightly for the trading week, however prices have hit a fresh contract high.
If you are long a futures contract I would place the stop loss under Tuesday's low of 117.90 as an exit strategy as treacherous weather in the Midwestern part of the United States is pushing up all livestock prices.
The next major level of resistance is around the 123 / 124 level as I still think there's room to run to the upside as I'm certainly not recommending any type of short position as that would be counter trend trading which is very dangerous over the course of time.
Cattle prices are trading above their 20 & 100 day moving average as the volatility is increasing due to the weather situation as this has been in a slow grinding bullish trend over the last 4 months. Hog prices are limit up in today's action helping support cattle prices as well so if you are long stay long in my opinion.
CHART STRUCTURE: SOLID
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