Hog Prices Continue Bearish Trend

22 Dec in Blog, commodity consulting, commodity trading, feeder cattle futures, futures broker, Lean hog futures, live cattle futures, Michael Seery, option broker, Seery Futures.com

Lean Hog Futures--- Lean hog futures in the February contract are currently down 120 points trading at 80.70 continuing its bearish trend as I’ve been recommending a short position when prices broke 86.00 and if you took that trade continue to place a stop loss above the 10 day high which currently stands at 85.77 as that stop loss will be lowered on a daily basis starting in tomorrow’s trade.

The chart structure will improve dramatically as the risk currently is around 500 points or $2,000 per contract plus slippage and commission, however with hog expansion in my opinion and a pessimistic commodity market in general I still think lower prices are ahead so continue to play this to the downside and if you’re not short this market wait for a kickback in price to enter making sure that you place the proper stop loss risking 2% account balance on the trade. If you are a hog producer I would certainly look at hedging on any type of price rebound as currently prices might be over sold, however the trend is your friend in the commodity markets and I still think this trend is getting stronger to the downside especially if the U.S dollar continues its bullish trend.

The next level support is last week’s low of around 78.50 and if that level is broken I think you could see a washout down to the low 70s as I remain bearish. TREND: LOWER –CHART STRUCTURE: IMPROVING

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