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April 08, 2023Thursday at a glance: Live Cattle moves 0.08% to close at $163.22 per pound Thursday.
CME Live Cattle's state is reflected by market data as United States Unemployment Rate beat the 3.6 projections, with 3.5. United States Non Farm Payrolls fell short of the 239,000 projections, with new data of 236,000. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Trend-focused traders would be interested to note 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. Thursday's price action generated a Japanese candlestick pattern showing a "gravestone doji” chart pattern — a bearish pattern that suggests a reversal followed by a downtrend in the price action. Analysis based on the asset volatility indicates that the Livestock future's upper Bollinger Band® is at $168.57 and the lower is $160.48.
Notwithstanding CME Live Cattle's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
The commodity has been trending positively for about 10 months. 8 days ago the Livestock future reached a significant high of $168.18 but has consequently lost 3.02% since then.
