The Livestock future down $1.05 reaching $172.15, for its 5th straight negative day

Live Cattle is down to $172.15 per pound, after ending yesterday at $173.2. Overall, a 0.61% loss or $1.05 today.

United States's Initial Jobless Claims new data released of 261,000 below its previous figure.

Following a previous reading of 233,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 235,000 figure expected by analysts with an actual reading of 261,000. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.

Amid the market gloom, United States Cushing Crude Oil Inventories released yesterday at 14:30 UTC with a figure of 1.72 million, while the previous figure was 1.63 million.

Live Cattle's upper Bollinger Band® is at $175.68 which indicates a further downward move may follow.

Overall, looking at the technical analysis landscape, it seems Live Cattle is likely to start pointing downward in the short term.

The commodity has been trending positively for about a year. The Livestock future is now trading 1.38% below the significant high of $175.62 it set around 2 days ago.