End Of the Week Round-Up: August Live Cattle

August Live Cattle

     Yesterday I posted about a potentially bullish setup developing. I would have to say, as touched upon previously, that the needed confirmation is not yet in place. I’d have to see a close above the 109.00 level to attain a clearer risk control level. If the contract can’t hold above +/-106 then it will vulnerable to another wave of selling. Sloping support channel lines come in at +/-103. A close below 104 won’t look healthy. Above 109 will set stage for a test of +/-114. Overhead extended objective comes in at +/- 122. Remember you can’t catch the cattle run if you get ran over buy the stampede.