The Livestock future continued its 16 days losing streak, dropping by 22.5 cents, closing at $170.93

A quick look at Friday: the Livestock future stumbles 0.13% to close at $170.93 per pound Friday.

Bollinger Bands® shows an indication of recovery: the lower band is at $167.6, a low enough level to, generally, suggest that Live Cattle is trading below its fair value. In contrast, a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal.

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

Positive performances can be seen by looking at other Meats markets as Feeder Cattle is trading around $234.3 after ending Friday's session at $230.68 (up 1.57% today).

Trading mostly sideways for a year. 19 days ago Live Cattle reached a significant high of $175.62 but has consequently lost 2.55% since then.