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One year ago the Power of the Pattern reflected that a very bearish pattern was forming in the CRB index, as it was forming a bearish rising wedge at its 61% Fib retracement level ( see post here)
What has happend in the past 52 weeks? The CRB index is 20% lower than a year ago and is down 9 of the last 10 weeks.
Now the CRB is testing a triple support line at (1) in this Commodity focused 4-pack.
Should support break in the CRB index, investors that didn’t lsiten to the message the CRB was sending a year ago, best listen this time around!
Niels…
Cattle have decline over 15% since Joe Friday shared that “Cattle were up against a 20-year resistance line”
Your comment that Cattle are on support, that is correct that Cattle look to be at a 2-year support line. Great eyes! From a 20-year perspective, lower support is still a good deal down there. See the above long term chart on cattle for where the 20-year support comes into play.
Thanks for the great observation and sharing,
Chris
Live cattle at support
http://stockcharts.com/h-sc/ui?s=$DJALC&p=W&b=5&g=0&id=p88236265232&a=266601221