Today at 13:30 UTC: United States Initial Jobless Claims, Live Cattle steady at $165.45

CME Live Cattle trades at $165.45 per pound, after ending yesterday at $165.45.

• United States Initial Jobless Claims is next today at 13:30 UTC.
• While flat so far today, CME Live Cattle is on an 18 day bullish trend, gaining a total of $4.57 throughout.

Earlier data releases related to Live Cattle – United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure. United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million.

Technical analysis of Live Cattle before macro data is released:

Live Cattle's upper Bollinger Band® is at $167, suggesting that a downward move may follow.

Despite the market lacking direction, technical chart analysis strongly suggests CME Live Cattle is positioned for a downward move in the near term.

Coming up for the Livestock future — tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 190,000; data will be released today at 13:30 UTC.

The commodity has been trending positively for about 9 months. Live Cattle is now trading 0.47% below the significant high of $166.22 it set around 3 days ago.