Bullish phase under threat as the Livestock future stays range-bound

In the midst of a 4 day bullish trend, Today's session might suggest a slow down — CME Live Cattle trades at $167.28 per pound, after ending yesterday at $167.35.

United States Consumer Confidence is next today at 14:00 UTC.

Trend-following investors would be interested to note 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 CME Live Cattle's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Moreover, as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 99, following on from the preceding figure of 101.3. New data is set to be published today at 14:00 UTC. United States JOLTs Job Openings (Apr) scheduled to come out tomorrow at 14:00 UTC.

Trading mostly sideways for 11 months. Live Cattle hit a significant low of $130.6 around 11 months ago, but has since recovered 28.14%.