Cattle Prices Sharply Lower On Virus

Live Cattle Futures---Cattle futures in the April contract are sharply lower this Thursday afternoon in Chicago trading down 292 points at 109.42 which is almost limit down all on major concerns about the Coronavirus crippling worldwide demand.

I have been recommending a bearish position from the 124.50 level and if you took that trade continue to place the stop loss above the 10-day high standing at 121.17 as the chart structure is terrible at the current time and will not improve for another 5 trading sessions.

If you have been following my previous blogs you understood that I have been talking about the 110 level for over a month and that has been breached in today's trade as now I think we could head down to the 100 level as I see no reason to be a buyer of any agricultural markets at this time as it looks like a massive global slowdown is in the cards.

Cattle prices of trading far below their 20 & 100 day moving average as this trend is very strong to the downside with the next major level all the way at 105 so stay short as there is still room to run.

TREND: LOWER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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