Consider buying a call option on June live cattle futures.
See on the daily bar chart for June live cattle futures that prices have seen a strong sell off in recent weeks, including hitting a fresh contract low Wednesday. However, Wednesday’s close near the daily high suggests the bears may now be exhausted. Also, the weekly continuation chart for nearby live cattle futures shows an uptrend still in place and the weekly chart remains in a bullish posture. That makes me suspect there will be upside price action on the daily chart for the live cattle futures market in the coming weeks, and that a near-term market bottom is close at hand, if not already in place. Consider buying a call option on June live cattle futures. The upside price objective is $130.00, or above. The option expires in early June.
