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Barchart
Barchart
Jim Wyckoff

Consider Buying Call Options on August Live Cattle Futures

United States USDA

This is a rare-for-me contrarian trading idea. 

The daily bar chart for August live cattle futures (LEQ25) shows that prices last week scored a technically bearish “key reversal” down. Price action so far this week shows a minor bearish pennant pattern has formed. However, it’s my strong bias that the keen resiliency shown in the live cattle futures market over the past few months will trump the near-term bearish technical developments. Look at price action in August live cattle futures from late January to early March, and then from late March to early April. Both time periods seemingly left the cattle market bulls for dead — only to see prices come roaring back and set contract and record highs. 

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