October live cattle futures a selling opportunity on more price weakness.
See on the daily bar chart for October live cattle futures that prices have backed down from the recent high and on Monday hit a two-week low. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) has produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red “trigger” line of the indicator. The cattle market bears have gained some downside technical momentum and would gain more by pushing prices below chart support at Monday’s low of $126.62. That would also become a selling opportunity. The downside price objective would be $123.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $128.00.
