Stable at $152.93 and still trending upwards, Today's session might suggest a slow down — CME Live Cattle trades at $152.93 per pound, after ending Friday at $153.
Technical analysis trend indicators suggest that investors are seeking long positions as Live Cattle price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that CME Live Cattle's upper Bollinger Band® is at $155.5, suggesting that a downward move may follow.
Overall, while Live Cattle has been on an uptrend, technical indicators suggest that it 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 ISM Manufacturing PMI (Oct) will be released tomorrow at 14:00 UTC. United States JOLTs Job Openings (Sep) is expected tomorrow at 14:00 UTC.
The commodity has been trending positively for about 5 months. CME Live Cattle now trading 12.19% above its 3-month low of $128.85.