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Cattle Futures Technical Analysis - Cattle Futures Trading: 2020-04-20
Live Cattle Technical Analysis Summary
Above 89,5
Buy Stop
Below 76,5
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Sell |
Live Cattle Chart Analysis
Live Cattle Technical Analysis
On the daily timeframe, LCATTLE: D1 formed the "Diamond" graphical price pattern. It may be a signal of a downtrend reversal. The right border of the “Diamond” pattern matches with the resistance line of the downtrend. It must be broken upwards before a buy position has been open. A number of technical analysis indicators formed signals for a further increase. We do not exclude the bullish movement if LCATTLE rises above the last upper fractal: 89.5. This level can be used as an entry point. The first stop loss is possible below the Parabolic signal, the last two lower fractals and the minimum since May 2006: 76.5. After opening the pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price overcomes the stop level (76.5) without activating the order (89.5), it is recommended to delete the order: market sustains internal changes that have not been taken into account.
Fundamental Analysis of Commodities - Live Cattle
According to the United States Department of Agriculture (USDA), the cattle slaughter in the US decreased by 23% this week compared to the same week last year and amounted to 376 thousand heads. Will LCATTLE quotes grow?
The decrease in beef production in the United States is due to the closure of a significant number of slaughterhouses and meat processing plants due to the coronavirus pandemic. In particular, JBS USA and the National Beef Packing Company ceased operations. Earlier, LCATTLE quotes fell to a minimum since May 2006. It could also affect the sentiments of manufacturers. Note that the demand for American beef in the world market remains quite high. From the beginning of 2020 up to April 9, US exports increased by 12% compared to the same period in 2019. China and Asian countries are the main buyers.
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