After five days of declines, the Livestock future is up 52.5 cents today

After closing the previous trading day at $163.1, Live Cattle is up to $163.62 per pound, which makes for a move of 0.32%/52.5 cents today.

Trend analysis indicates that 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. Analysis based on the asset volatility indicates that Live Cattle's lower Bollinger Band® is at $160.44, indicating that the market is oversold and fertile for new buyers.

Notwithstanding the Livestock future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

The market is looking forward to the release of new data: United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.

The commodity has been trending positively for about 10 months. CME Live Cattle has fallen back around 3.02% over the past 11 days, from a notable high of $168.18.