A 4 day downtrend has resulted in the asset losing $1.85. Today is looking a bit better: without a clear-cut direction, the Livestock future is trading around $153.5 per pound and ranging between $153.5 and $155.5.
United States Crude Oil Inventories is next.
This uncertain state for CME Live Cattle is reflected by published market data as United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -6.43 million, while the previous figure was -7.85 million. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Technical analysis shows that Live Cattle is approaching key support, around 67 cents away from $152.83. 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. Trend analysis indicates that CME Live Cattle made an initial breakout above its 3 day Simple Moving Average at $154, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that CME Live Cattle's upper Bollinger Band® is at $154.76, suggesting that a downward move may follow.
Overall, technical indicators suggest Live Cattle has no obvious direction for the immediate future.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million, having previously been at -12.58 million. The figure will 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 230,000 from the preceding figure of 225,000.
The commodity has been trending positively for about 6 months. CME Live Cattle is now trading 1.19% below the significant high of $155.47 it set around 6 days ago.