InvestingScope
Short

Live Cattle: Cyclical sell opportunity.

CME:LE1!   Live Cattle Futures
Live Cattle has been trading within a long term 1M Rectangle ( RSI = 45.889, CCI = -24.7510, Highs/Lows = 0.0000) roughly since late 2016. This March the price was rejected exactly on the 1W Resistance (130.500 - 134.525) and in April another Lower High attempt failed. This resulted in a strong downfall which is expected to test again the 1W Support Zone (101.625 - 104.150) before another rebound. We are on a long term sell with TP = 104.250.


See the call of this trade before the strong rejection took place:




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Any updates? LE broke the 104.25 support and is currently trading at 102.75
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