Feed Cattle

We saw some good follow through selling today getting the break below 98.875. There's not much bullish news to the current position other than support @ the 61.80 retracement level. Otherwise, we really got everything on our side right now: close @ low levels for the day; close below 50 day EMA, 50% retracement, previous swing low, Monthly R1, and Weekly S2. We are roughly 24% away from our target so consider moving your stop lower to either the 100.60 or breakeven levels.