Joe Friday and the Power of the Pattern shared that “Cattle Futures were up against a 25-year resistance line in the chart below and had created a bearish rising wedge” (see 3/30 post here) in the Cattle Futures market. This pattern was NOT BULLISH for Cattle prices.
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Below is an update, reflecting a further breakdown in Cattle prices…
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Cattle futures are down almost $20 after hitting their 25-year resistance line. Even if you don’t trade Cattle futures, keep an eye on them because the last couple of times Cattle broke support, conditions weren’t too bullish in the stock market!
Hi Chris, there is a case of Mad Cow Disease in the USA…my guess this is why Cattle Prices will plummet…
See:
http://www.cnn.com/2012/04/25/health/california-mad-cow/index.html?hpt=hp_c1