Live Cattle trades at $164.53 after United States Existing Home Sales (Apr)

CME Live Cattle is down to $164.53 per pound, after ending yesterday at $164.82. Overall, a 0.18% loss or 30 cents today.

• CME Live Cattle is currently trading at $164.53 following the release of Existing Home Sales (Apr) data from the United States.
• Today's fall comes after a 10 day uptrend, during which the Livestock future added 1.86% to its value

United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.

Live Cattle's upper Bollinger Band® is at $166.05 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts the Livestock future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Live Cattle is expected to attract significant bearish sentiment in the coming days.

United States Fed Chair Powell speech set for tomorrow at 15:00 UTC.

Feeder Cattle is up 0.62% to $232.57.

Trading mostly sideways for 11 months. After hitting an important low of $130.6 approximately 11 months ago, Live Cattle has bounced back 26.21% since.