Live Cattle is down 0.37%, trading at $162.4 per pound

Live Cattle is down to $162.4 per pound, after ending yesterday at $163. Overall, a 0.37% loss or 60 cents today.

United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.

United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.

Nonetheless, encouraging indicators for Live Cattle published earlier when data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.

Live Cattle's lower Bollinger Band® is at $161.35, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end.

Despite suffering losses in today's session, technical analysis is indicating that CME Live Cattle will undergo a significant bounce in the immediate term.

Trading mostly sideways for 11 months. Having set a significant high of $168.18 a month ago, CME Live Cattle is trading 3.08% lower.