Bullish sentiment helps propel Live Cattle to 0.87% gain

Yesterday at a glance: Live Cattle went up to $165.53 per pound yesterday, gaining 0.87%.

At the same time, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 224,200, while the previous figure was 243,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.

Chart analysis indicates Live Cattle could be slowing down soon; it is getting close to the resistance line and is now at $166.22, only 70 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that CME Live Cattle made an initial breakout above its 10 day Simple Moving Average at $164.95, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $167.14, thereby suggesting that CME Live Cattle is becoming overvalued.

Notwithstanding CME Live Cattle's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

This rally in CME Live Cattle's price coincides with other Meats as Feeder Cattle added 0.77% and closed around $188.57 yesterday.

The commodity has been trending positively for about 8 months. Having soared to a high of $165.53 approximately a day ago, CME Live Cattle is now trading 0.86% lower.