August Feeder Cattle Short
The Market has made a New Structure Low, which signifies we could have a continue in our downtrend. The market became oversold yesterday and had a little bounce. I would expect prices to rally back up into the $141-$144 level before reversing again. This is a good area of prior resistance/support and would be a 61.8 retracement as well. If this trend continues I could see the market pushing back down to $117, which was where the big rally came in August 2015.
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