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 sold off sharply recently, hit a four-week low, closed at a bearish weekly low close on Friday, and formed a bearish double-top reversal pattern. The bears have gained downside near-term technical momentum and would gain more by pushing prices below chart support at last week’s low of $128.60. That would also become a selling opportunity. The downside price objective would be $125.00, or below. Overhead technical resistance, for which to place a protective buy stop just above, is located at $130.00.
