In July, due to a PED virus in the US, Lean Hogs Futures trades at a record high of 1.339 per lb,
Now, 6 month later Lean Hogs are trading at 67 cents, 50% lower....and it's still extremely bearisch, fundamental AND technical.
Check it out, Monday's Weekly Commodity Report keeps you informed.
This spread has a history of returning an average of $892 if placed on 12-26 and held until 2-12 of the following year, 87% of the last 15 years. An Elliot Wave can be drawn on this a few different ways. The green pattern shows that we could be in the ABC retracement right now and would advise to stay on the sidelines. But the case could be made that a new wave...
HEZ2014 contract. 20MA crossing 50MA - trendline out of question - it could consolidate longer but just in case I'll place a sell order to catch the next move towards 87.8.
Swing failure in proximity of the 1/1 bull Gann line. The market is poised to move lower. Target on the down sloping ML. Large speculators are holding extreme long positions and might start to liquidate soon. Notice also that all the livestock sector is at historical highs and is showing signs of reversal (see LEZ and GFX contracts)
Well, here it seems that we have finally reached a top. The Lower low on Tuesday (01 Oct 13) should be followed by a lower high at this point. If today high is confirmed as a pivot point the price is poised to move from the 1/1 Gann line to the 2/1. Target is 83.000.
Clip from Animal House!
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On 14 Aug 13 price crossed the 87.000 resistance, touched the upward sloping 1//1 Gann line but two days later pulled back inside the 83.000-87.000 'rectangle'. It's a sell with first target 83.000 (rectangle base) and second 80.000 (longer term target). Seasonal trend usually bear.
Movie clip
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Got stopped in my first attempt but I'm re-entering a short here. Hog are at historical price highs and from a seasonal point of view they are typically weak till late October. Hogs have reached resistance at 99.500-100.000. Price action over the last few days suggests that a reversal is in place. I expect a quick fall during the next 2-3days back to the 1/1 Gann...
Seasonally weak till late October. Hogs have reached resistance at 99.500. Price action over the last few days suggests that a reversal is in place. I expect a quick fall during the next 2-3days back to the 1/1 Gann and 20 MA where another consolidation could take place.
High probability trade. HOGS tested the 79 support and parallel line on the 8 Mar. Price then moved up with high volumes and retraced for five days. Currently is back in the buy window. Hogs makes typically seasonal bottoms in mid march. Many factors are favoring the bulls. I would enter long above Friday high. In two-three days we should reach the target...
Price has formed a H&S pattern over the last four months. Trend is down. 86900 gave support three times, the fourth will probably not hold. Good time to short if the price doesn't consolidate longer. In the long term we could be aiming at 84000. Feedback please.
Trend is up but I think hogs are setting up for a sell soon. Friday inside day might be a sign. Support is at 82.58 where i'm planning to take profit. After that the market should run again. Feedback please!
