December live cattle futures a selling opportunity on more price weakness.
See on the daily bar chart for December live cattle futures that prices have dropped from the August and September highs, and a bearish double-top reversal pattern could be forming. The recent pause in price action is not bullish, and that could be helping to form a bear flag or bearish pennant pattern on the daily chart. A move in prices below solid chart support at last week’s low of $128.45 would provide the bears with fresh downside technical momentum and it would also become a selling opportunity. The downside price objective would be $125.00 or below. Technical resistance, for which to place a protective buy stop just above, is located at $130.00.
