Tuesday, November 26, 2013

Cattle ETF Breaks Support

Above is a chart for the cattle ETF.  There were two upward sloping trendlines; one connecting the lows of mid-May and early August and a second connecting the lows of early August and late October.  

Over the last two weeks, prices have broken both trend lines.  This has been accompanied by a decline in momentum and a clear drop in volume inflow.

The logical price target right now is 26.75.