February live cattle futures a buying opportunity on more price strength.
February live cattle futures have made a strong rebound from the November low and on Wednesday scored a fresh two-month high. Bulls have gained good upside near-term technical momentum recently. A move above technical resistance at Wednesday’s high of $131.80 would become a fresh buying opportunity. The upside price objective would be $135.00, or above. Technical support, for which to place a protective sell stop just below, is located at $130.50.
