The Livestock future lost $2.2 and now trades at $150.3, following an impressive jump to $152.5 Friday — a significant recent high.
Live Cattle made an initial break below its 5 day Simple Moving Average at $150.46, a possible indication of a forthcoming negative trend. CME Live Cattle's upper Bollinger Band® is at $152.5 which indicates a further downward move may follow. In contrast, Live Cattle could begin to recover as it approaches significant support, now 85 cents away from $151.15. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for CME Live Cattle.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence expected to decline to 106.5 while its preceding data was 108, data will be available tomorrow at 14:00 UTC.
The commodity has been trending positively for about 4 months. 3 days ago Live Cattle reached a significant high of $152.4 but has consequently lost 1.26% since then.