CME Live Cattle lost 15 cents and now trades at $149.25, following an impressive jump to $149.4 yesterday — a significant recent high.
This uncertain state for Live Cattle is reflected by published market data as United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Live Cattle's upper Bollinger band is at $149.75, suggesting that a downward move may follow. Support/Resistance levels obtained from chart analysis indicate that CME Live Cattle is currently alternating around $148.14 with price action moving above and below this key level throughout the session.
Notwithstanding the Livestock future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Moreover, projections for United States Crude Oil Inventories are set for a continuation of decline with 1.55 million while previous data was 9.88 million; data will be released tomorrow at 14:30 UTC. United States Building Permits (Sep) will be released tomorrow at 12:30 UTC.
The commodity has been trending positively for about 4 months. The Livestock future now trading 10.15% above its 3-month low of $124.1.