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March 02, 2023
On a 13 day uptrend, Today's session might suggest a slow down — CME Live Cattle is now trading at $165.12 per pound after tracing out a steady $164.5 – $166.1 range today.
The Livestock future's state is reflected by market data as data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million. United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4. United States Cushing Crude Oil Inventories came out at 307,000.
Live Cattle's upper Bollinger Band® is at $167.39, suggesting that a downward move may follow. Despite this, the Livestock future is approaching key support, around 74 cents away from $164.38. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Live Cattle is positioned for a downward move in the near term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 192,000; data will be released today at 13:30 UTC. United States ISM Non-Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.
The commodity has been trending positively for about 8 months. This year has been a bright one for CME Live Cattle after trading as low as $130.6 and going on to appreciate by 5.16% year to date.
