February Live Cattle Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for February live cattle that prices have backed well down from the recent high and an uptrend line has been soundly negated. The bears have technical momentum on their side and would gain more power by pushing prices below solid chart support at $161.00. That would also become a selling opportunity. The downside price objective would be $152.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $164.00.
