After 22 days of declines, Live Cattle is up 30 cents today

After closing the previous trading day at $161.65, Live Cattle is up to $161.95 per pound, which makes for a move of 0.19%/30 cents today.

United States's Initial Jobless Claims new data released of 242,000 below its previous figure.

Nevertheless, highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000. United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts.

At the same time, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.

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. CME Live Cattle has just crossed the lower Bollinger Band® at $162.09, indicating a downward correction could occur..

The Livestock future is likely to reverse course and start pointing downward in the short term.

Furthermore, the market is looking at United States Non Farm Payrolls projected to decline to 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available tomorrow at 12:30 UTC.

Trading mostly sideways for 11 months. A month ago CME Live Cattle reached a significant high of $168.18 but has consequently lost 3.88% since then.