October Live Cattle Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for October live cattle that prices are in a steep three-week-old downtrend. A bearish pennant pattern has formed and price action has seen a downside “breakout” from that pattern. The bears have near-term technical momentum. A move below $146.00 would become a selling opportunity. The downside price objective would be $138.00 or below. Technical resistance, for which to place a protective buy stop just above, is located at this week’s high of $149.37.
