June Live Cattle Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for June live cattle futures that recent price action has seen prices drop to a four-week low, to suggest a market top is in place. The bears also have enough downside momentum to suggest prices will continue to trend sideways to lower in the near term. A move below chart support at Monday’s low of $134.42 would become a selling opportunity. The downside price objective would be $130.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $136.40.
