October live cattle futures a buying opportunity on more price strength.
See on the daily bar chart for October live cattle futures that prices have made a good rebound from the June low. The bulls would gain fresh upside near-term technical momentum and would also re-establish a price uptrend on the daily chart by pushing prices above solid chart resistance at the July high of $126.95. That would also become a buying opportunity. The upside price objective would be $130.50, or above. Technical support, for which to place a protective sell stop just below, is located at last week’s low of $125.40.
