Cattle Prices Look Very Bearish

Live Cattle Futures--- Live cattle futures in the December contract settled last Friday in Chicago at 146.05 while currently trading at 142.70 as I’ve been recommending a short position from 146 and if you took that trade continue to place your stop loss above the 10 day high which currently stands at 146.72 as the trend remains bearish in my opinion.
Cattle prices are trading far below their 20 and 100 day moving average telling you that the short-term trend is to the downside as prices are near a 6 month low testing recent support and a double bottom around 142 and if that level is broken I think an all-out bear market is underway as cattle prices are still too high compared to the rest of the commodity markets.
The fundamentals in cattle are starting to turn bearish as Canada is entering a recession as they are a large importer of U.S beef which should slow down demand as these are still very high historical prices as the chart structure is very solid at the current time so take advantage of any price rally while maintaining the proper risk parameter of 2% of your account balance as I do think prices will break 140 next week. TREND: LOWER –CHART STRUCTURE: SOLID