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June 04, 2023Friday at a glance: Live Cattle goes up 0.97% to close at $176.6 per pound Friday.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Live Cattle is in a strong overbought condition. According to asset volatility analysis, Live Cattle's upper Bollinger Band® is at $173.9, this is a slight indication of a slowdown.
Notwithstanding CME Live Cattle's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Also worthy of note, United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released tomorrow at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) is expected tomorrow at 14:00 UTC.
The commodity has been trending positively for about a year. CME Live Cattle has gained 1.03% over the last 2 days.
