Is live cattle getting in a bullish posture?

Market Pulse for May 14


On the daily chart below you can see the tight price action over the last few days bouncing off of 120.000, the range bottom. With ADX at 22 this is a weak trending market now and DI Differential is at 1.78. MACD is bearish and Stochastics are in deep oversold territory. Weak trend in deep OS territory, technically time to watch for a correction up. Could see a retest of 124.000, and if so with big money’s new bull posture starting we could definitely see the break above 124.000.

Click to enlarge.

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