Marginally higher but lacking a clear-cut direction, CME Live Cattle is trading at $152.05 per pound after ranging between $151.65 and $152.3 today.
- The Livestock future is currently trading at $152.05 following the release of Building Permits (Oct) data from the United States.
- Today's gains follow 7 days of flat trade
United States Philadelphia Fed Manufacturing Index (Nov) released today at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. Data for United States Initial Jobless Claims published today at 13:30 UTC came out at 222,000, beating projections of 225,000 and showing improvement over the preceding figure of 226,000.
The Livestock future chart analysis: Live Cattle could be slowing down soon as it approaches resistance at $152.35. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show that CME Live Cattle made an initial breakout above its 21 day Simple Moving Average at $151.86, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that CME Live Cattle's upper Bollinger Band® is at $153.63, this is a slight indication of a slowdown.
Overall, the technical outlook suggests CME Live Cattle is likely to remain muted for the immediate future, with no clear-cut direction.
United States Existing Home Sales (Oct) scheduled to come out tomorrow at 15:00 UTC.
Feeder Cattle added 0.89% to its value, now trading at $179.05.
The commodity has been trending positively for about 5 months. Having set a significant high of $153.65 5 months ago, CME Live Cattle is trading 16.23% lower.