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April 06, 2023
While on a 4 day downtrend Today is looking a bit better: CME Live Cattle trades at $160.38 per pound, after ending yesterday at $160.22.
United States Initial Jobless Claims is next today at 12:30 UTC.
This uncertain state for Live Cattle is reflected by published market data as United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5. United States ADP Nonfarm Employment Change (Mar) released yesterday at 12:15 UTC with a figure of 145,000, while the previous figure was 261,000.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Japanese candlestick formations show a "gravestone doji” chart pattern — a bearish pattern that suggests a reversal followed by a downtrend in the price action. According to asset volatility analysis, the Livestock future's upper Bollinger Band® is at $168.86 and the lower is $160.1.
All in all, the technical analysis suggests Live Cattle has no clear-cut direction.
Moreover, tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000. United States Initial Jobless Claims projected to decline to 200,000 while previous data was 198,000; data will be released today at 12:30 UTC. United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.
Trading mostly sideways for 10 months. Live Cattle has fallen back around 4.73% over the past 6 days, from a notable high of $168.18.
