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Theodore, Saskatchewan | Just sticking to the facts here first with the chart below.
It was in a downtrend for 6 months. You can see the swings as sellers stepped down. However the sellers at 138 were not able to make a new low. To be confirmed they should have taken it down. But buyers stepped in at 126. Sellers attempted to step down again but buyers stepped up to 128.
So just the facts...something has changed from the first 6 months on the chart.
Now no one has a crystal ball but based on what I see here the sellers at 138 are resistance but not really strong. Even if you sell this thing you should rely on the sellers at 144 to have your back.
IMO if the downtrend continues it will do so after taking out the sellers at 138 and catching everyone long and wrong.
If we have in fact turned the trend around then look for 144 to be taken out as well. There will be resistance and a lot of back and forth if that happens before it rips higher.
Edited by maydel 3/2/2016 10:32
 (Fullscreen capture 2016-03-02 102454 AM.jpg)
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Technical guys April cattle
