December Live Cattle Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for December live cattle futures that prices late last week dropped sharply and produced a bearish “key reversal” down and also closed at a bearish weekly low close. Those are two technical clues the cattle market has topped out. A move in prices below chart support at Friday’s low of $164.45 would give the bears fresh downside momentum and it would also become a selling opportunity. The downside price objective would be $157.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $168.00.
