October live cattle futures a buying opportunity on more price strength.
See on the daily bar chart for October live cattle futures that prices are in a steep two-week-old uptrend and have recently hit a two-month high. The bulls have gained upside technical momentum recently and would gain more by pushing prices above chart resistance at last week’s and Monday’s high of $126.40. That would also become a buying opportunity. The upside price objective would be $130.50, or above. Technical support, for which to place a protective sell stop just below, is located at $124.40.
