Live Cattle is down to $163.03 per pound, after ending yesterday at $163.93. Overall, a 0.55% loss or 90 cents today.
On the flip side, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.
While price action maintains a negative bias, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. The Livestock future's upper Bollinger Band® is at $166.11 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Live Cattle to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Live Cattle is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other Meats as after ending yesterday's session at $226.12, Feeder Cattle lost 90 cents and is trading around $225.22.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims expected to decline to 245,000 while its preceding data was 242,000, data will be available today at 12:30 UTC.
In addition, United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released today at 12:30 UTC.
Trading mostly sideways for 11 months. Having soared to a high of $168.18 approximately a month ago, the Livestock future is now trading 2.53% lower.