Bullish phase under threat as CME Live Cattle stays range-bound

While Live Cattle is on a 4 day bullish trend, Friday's session put the brakes on the ongoing uptrend — the Livestock future moves 0.01% to close at $167.28 per pound Friday.

Trend and momentum analysis indicates that investors are seeking long positions as Live Cattle price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Live Cattle's upper Bollinger Band® is at $167.9, suggesting that a downward move may follow.

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

Meanwhile, mixed performances are seen in other Meats as Feeder Cattle lost 0.34% Friday and closed at $234.7.

Trading mostly sideways for 11 months. 11 months ago, Live Cattle fell to a low of $130.6 but has since recovered 28.1%.