August live cattle futures a selling opportunity on more price weakness.
See on the daily bar chart for August live cattle futures that prices have sold off sharply recently, including producing a bearish weekly low close last Friday that does begin to suggest a market top is in place. The cattle bears have gained downside technical momentum and would gain more by pushing prices below chart support at this week’s low of $136.50. That would also become a selling opportunity. The downside price objective would be $132.00, or below. Technical resistance, for which to place a pro
tective buy stop just above, is located at $138.40.
