August feeder cattle futures a buying opportunity on more price strength.
See on the daily bar chart for August live cattle futures that prices are trending solidly higher and have just hit a fresh nine-week high. The bulls have good upside near-term technical momentum. A move above chart resistance at Wednesday’s high of $151.45 would become a buying opportunity. The upside price objective would be $159.00, or above. Technical support, for which to place a protective sell stop just below, is located at $149.00.
