September 2, 2020
Rising US beef supply bearish for LCATTLE
2020 first-half US beef exports declined 15.2 percent compared with a year earlier, according to US Department of Agriculture August 2020 Livestock, Dairy, and Poultry Outlook. Analysts explain the decline by market turmoil due to COVID-19. At the same time USDA upgraded the second-half 2020 forecast for beef production citing a faster-than-anticipated slaughter pace. Rising beef supply is bearish for LCATTLE.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 105.85 |
| Stop loss | Above 111.59 |
Market Analysis provided by IFCMarkets.com
