Consider buying a put option on June live cattle futures.
See on the daily bar chart for June live cattle futures that prices last month spiked to a contract high and then backed off sharply—only to rebound just recently. It’s still my bias that the live cattle market put in a major top—or close to it—last month. This recent bounce in live cattle futures could be setting up a bearish double-top reversal pattern on the daily chart. Consider buying a put option on June live cattle futures. The downside price objective would be $1.2650, or below. The option expires in early-June.
