October Live Cattle Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for October live cattle futures that prices have dropped sharply recently and hit a four-week low, including a bearish weekly low close last Friday. The bears have quickly gained downside technical momentum to suggest still more downside price pressure in the near term. A move below solid chart support at $149.45 would become a selling opportunity. The downside price objective would be $140.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at $153.00.
