CME Live Cattle trades at $153.32 per pound, after ending yesterday at $153.35.
This uncertain state for the Livestock future is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -3.69 million. United States New Home Sales (Oct) released yesterday at 15:00 UTC with a figure of 632,000, while the previous figure was 588,000. United States Core Durable Goods Orders came out at 0.5%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.9%.
Trend analysis indicates that investors are seeking long positions as Live Cattle price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that the Livestock future's upper Bollinger Band® is at $154.07, suggesting that a downward move may follow.
Notwithstanding CME Live Cattle's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
The commodity has been trending positively for about 5 months. The Livestock future reached a significant high of $153.78 around 2 days ago but has lost 0.28% since then.