The market broke out above the $121.00 per hundredweight to overcome the trend line resistance and closed well. The Channel Down chart pattern scores very high in all fields, with an overall Quality ranking of 8 bars. The momentum of the up-thrust through the top of the channel measures a full 10 bars, which makes for an increased probability of follow-through when the market re-opens following the US Thanksgiving holiday.

The projected price target from here suggests a continuation of the move to at least $123.94 per hundredweight, with the upper end of the forecast coming in at the $127.00 level. If the upper end of this range is achieved, it would be a new all-time high for the Live Cattle futures and pave the way for a resumption of what has become a multi-year bull market.
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