August live cattle futures a buying opportunity on more price strength.

See on the daily bar chart for August live cattle futures that prices have just recently seen a bullish upside “breakout” from a sideways trading range at lower price levels, to suggest a market bottom is in place. The bulls have gained some upside technical momentum and would gain more by pushing prices above solid chart resistance at this week’s high of $122.30. That would also become a buying opportunity. The upside price objective would be $127.00, or above. Technical support, for which to place a protective sell stop just below, is located at $120.00.

August Live Cattle Futures Chart