Live Cattle is down to $160.38 per pound, after ending yesterday at $168.4. Overall, a 4.77% loss or $8.03 today.
United States Initial Jobless Claims didn't cause a noticeable effect even though it falls short expectations with 228,000.
United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts. United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Japanese candlestick formations show a "gravestone doji” chart pattern — a bearish pattern that suggests a reversal followed by a downtrend in the price action. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $160.1, a low enough level to, generally, suggest that Live Cattle is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates the Livestock future will remain range-bound for the immediate future.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls expected to decline to 239,000 while its preceding data was 311,000, data will be available tomorrow at 12:30 UTC.
Furthermore, United States Unemployment Rate is expected tomorrow at 12:30 UTC.
Trading mostly sideways for 10 months. After hitting an important low of $130.6 approximately 10 months ago, Live Cattle has bounced back 28.94% since.