NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat Sep 13, 2014 11:54 AM CDT

Live Cattle: The October contract closed $3.475 lower last week. The October contract looks to have established a top on a variety of weekly charts. This last week saw the contract establish a new high of $161.75, the fifth point of a 5-point topping pattern, before falling to its lower close. On the weekly close only chart (see attached chart) the contract looks to have established a classic double-top formation. Confirmation of either will take a sizeable sell-off, needing a move below the point 4 low of $144.25 and/or a weekly close below the interim low weekly close of $156.275.

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