Bearish Live Cattle currently 67.5 cents lower after trading as high as $165.65

Live Cattle is down to $165.05 per pound, after ending yesterday at $165.72. Overall, a 0.41% loss or 67.5 cents today.

United States Building Permits is next today at 12:00 UTC.

Live Cattle's upper Bollinger Band® is at $166.59 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Live Cattle to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the Livestock future is expected to attract significant bearish sentiment in the coming days.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 5 million.

Furthermore, United States New Home Sales (Apr) scheduled to come out today at 14:00 UTC. United States Services PMI figure is projected at 52.6. It previously stood at 53.6; data will be released today at 13:45 UTC.

Trading mostly sideways for 11 months. CME Live Cattle is up 26.9% from the significant low of $130.6 it hit 11 months ago.