Live Cattle is retracing into a current strong support area. You can see how this horizontal support was tested as resistance in September, followed by a touch on the backside after a breakout at the end of that same month. This should provide a strong possibility for support in the coming days should we move lower into this area.
The target is therefore a majority of the move back up to the high's, and the stop should be large enough to not get shaken out unnecessarily.
The target is therefore a majority of the move back up to the high's, and the stop should be large enough to not get shaken out unnecessarily.