John_Erik_Hammerstrom

Potential long in Feeder Cattle

Long
CME:GF1!   Feeder Cattle Futures
Might be a good spot around 200 to go long Feeder Cattle, got a fibonacci cluster with a 1,61,1,38 and a 1,27 extension coming in at around 200,+ a 38% retracement around 200, 200 day moving average is also coming in at around 200. Rsi is also looking like we might get some bullish divergence. I would wait for price action to close above 200 for a couple of days, Entry around 200, stops below 194, first target at 217 which offers a risk/reward ratio 2,27, second target at 227 which offers a risk reward ratio 5,61.
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