Live Cattle is on a 5 day downtrend Today is looking a bit better: the Livestock future trades at $155.6 per pound, after ending yesterday at $155.57.
United States Consumer Confidence is next.
Uncertainty around the Livestock future is reflected by published market data as United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3 million, while the previous figure was 7.82 million. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million.
Live Cattle's upper Bollinger Band® is at $156.89, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Live Cattle is positioned for a downward move in the near term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.66 million, following on from the preceding figure of 10.23 million. New data is set to be published today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 222,000 from the preceding figure of 211,000. United States Existing Home Sales (Nov) is expected today at 15:00 UTC.
The commodity has been trending positively for about 6 months. CME Live Cattle is now trading 19.12% above the significant low ($130.6) it slumped to 6 months ago.