December Live Cattle is on the last shoulder of an H&S. 20 day MA has become resistance. Fall from this pattern might set live cattle back to uptrend line based on height of the last shoulder. Long term trend is still bullish. If cattle can break 119.350 R1, the H&S would falter and a continued uptrend would take us to R2. Stochastic RSI has crossed over suggesting bullish run. With these two opposing forces we need to wait and see of next move.
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Bull flag developing on Live Cattle.
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Bull flag didn't take place. Last shoulder continues to build out. USDA report due 3:00pm
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Cattle still within H&S. Today dropped again and staying below the 20 day MA. Break pivot next target for bears.
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Live Cattle finally fell today off of the head and shoulders. Took long enough. Got close to the target of upward trend and S2. Tomorrow should be another down day to make trend line.
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Cattle met condition and hit uptrend line. S2 112.775 would be next target for bears if they can push it below the trend line.