Is It Time to be Bullish on Cattle?, (part II)
In my last post: Is It Time to be Bullish on Cattle?, I said this:
binve says "Moo" [translation: If it makes a higher low at support ~64-65, then there is an inverted H&S setup that targets ~80, which is also the 38% retrace from the top]..... cows have a very concise language, leaves more time for grazing.
Here was the chart from the last post
The last week has been showing a bottom being put into place where I was anticipating. Here is what the chart looks like today:
The ETN COW is showing a similar pattern. It somewhat tracks this underlying index (i.e. it is supposed to but doesn't do a very good job all the time).
So, is it now time to be bullish on cattle? binve says "Mrraaa Mrrooooo mo moo Moooo" [translation: yes]
Disclosure: I am long COW