December live cattle futures a buying opportunity on more price strength.
See on the daily bar chart for December live cattle futures that prices have made a solid rebound from this week’s low, to suggest a market bottom is in place and that prices can trend higher in the near term. A move above technical resistance at this week’s high of $126.32 would provide the bulls with better upside technical momentum and it would also become a buying opportunity. The upside price objective would be $130.00, or above. Technical support, for which to place a protective sell stop just below, is located at this week’s low of $124.60.
