Bullish CME Live Cattle runs out of steam at $165.03; currently at $165.03 per pound

After closing the previous trading day at $163.57, the Livestock future is up to $165.03 per pound, which makes for a move of 0.89%/$1.45 today.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $167.82, thereby suggesting that Live Cattle is becoming overvalued.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Live Cattle is set for a reversal in the coming days.

Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.

Also worthy of note, United States GDP is expected tomorrow at 13:30 UTC.

The commodity has been trending positively for about 8 months. CME Live Cattle reached a significant high of $165.15 around 9 days ago but has lost 0.95% since then.