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July 02, 2023A quick look at Friday: the Livestock future rallies 1.39% to close at $176.93 per pound Friday.
Trend-focused traders 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. According to asset volatility analysis, the Livestock future's upper Bollinger Band® is at $176.9, this is a slight indication of a slowdown.
Notwithstanding CME Live Cattle's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Rallies can also be seen in other Meats, notably, Feeder Cattle rose 2.03% Friday and closed at $242.38.
Also worthy of note, United States ISM Manufacturing PMI (Jun) is scheduled for tomorrow at 14:00 UTC.
The commodity has been trending positively for about a year. The Livestock future is now trading 1.37% below the significant high of $176.93 it set around 2 days ago.
