Live Cattle futures may have triggered a major breakout in Monday's trading session. After a prolonged uptrend to new contract highs, the market has reversed sharply to fall out of a large Rising Wedge chart pattern. The breakout is pictured here on the Autochartist 240-minute time interval.
/Chart analysis reveals this Rising Wedge as a technically solid formation, scoring very high on all rankings. The overall Quality of 9 bars is well supported by the length of time and price in which it took for the pattern to develop. Monday's breakout measured the maximum momentum reading of 10 bars to encourage the probability of follow-through towards the forecast price.

The projected price target calls for a move to at least $119.60 per hundredweight to complete the pattern. Given the current momentum, the market may overshoot to the low end of the range near $117.30 to firmly establish the downtrend.

The Autochartist Key Level screener shows a minor horizontal support at the $120.40 per hundredweight level, which may be a point for a short term retracement. A move below that support should provide additional confirmation that a major trend shift is underway.

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