October live cattle futures a selling opportunity on more price weakness.
See on the daily bar chart for October live cattle futures that recent price action has seen the market “roll over” from an uptrend. Prices earlier this week hit a six-week low and the bears have some downside technical momentum. A move below solid chart support at this week’s low of $124.12 would give the bulls fresh downside technical momentum and it would also become a selling opportunity. The downside price objective would be $122.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $125.25.
