February live cattle futures a selling opportunity on price weakness.
See on the daily bar chart for February live cattle futures that prices have dropped sharply this week, hit a two-month low and have seen serious near term technical damage inflicted, which also suggests prices will continue to trend sideways to lower in the near term. A move in prices below chart support at this week’s low of $131.27 would become a selling opportunity. The downside price objective would be $128.50, or below. Technical resistance, for which to place a protective buy stop just above, is located at $132.50.
