After five days of going down, the Livestock future is stable today, trading around $161.6

CME Live Cattle trades at $161.6 per pound, after ending yesterday at $161.55.

The Livestock future is currently trading at $161.6 following the release of Building Permits (Feb) data from the United States.

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. According to asset volatility analysis, the Livestock future's upper Bollinger Band® is at $166.72 and the lower is $162.9.

The current technical outlook indicates CME Live Cattle will continue to ebb sideways within tight ranges for the immediate future.

The commodity has been trending positively for about 9 months. Approximately 10 days ago, Live Cattle reached a significant high of $166.22 but has struggled to hold onto its gains and declined 2.81% since then.