On a 7 day uptrend, Today's session might suggest a slow down — Live Cattle is now trading at $152.68 per pound after tracing out a steady $152.4 – $152.97 range today.
This uncertain state for Live Cattle is reflected by published market data as highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -7.85 million, while the previous figure was -4.82 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) came out at 10.4, while a consensus of analysts was expecting 10.8.
A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. The Livestock future's upper Bollinger Band® is at $153.93, suggesting that a downward move may follow. On the other hand, note that Live Cattle is approaching key support, around 42 cents away from $152.26. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests CME Live Cattle is positioned for a downward move in the near term.
Furthermore, the market is looking at United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Core PCE Price Index (MoM) (Oct) is scheduled for tomorrow at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million, having previously been at -3.69 million. The figure will be published today at 15:30 UTC.
The commodity has been trending positively for about 5 months. Live Cattle is now trading 0.72% below the significant high of $153.78 it set around 8 days ago.