Hog Prices Near 7 Week High

06 Oct in Blog, commodity trading, feeder cattle futures, futures trading, Lean hog futures, live cattle futures, livestock futures, Mike Seery, milk futures, seeryfutures

Lean Hog Futures---Lean hog futures in the December contract settled last Friday in Chicago at 59.95 while currently trading at 62.50 up about 230 points for the trading week right near a 7 week high as I am not involved in the livestock sector at the present time as the chart structure is very poor & the monetary risk is too high at this time.

Hog prices look to retest the July 5th contract high of 65.67 as a triple bottom has occurred around the 56 level and I will explain what a triple bottom is in the next blog which is a technical chart pattern that occurs from time to time. Hog prices are now trading above their 20 and 100 day moving average telling you the trend has turned to the upside as cattle prices have remained strong in recent days as well, but wait for the monetary risk to improve before entering any type of bullish position as trading is all about risk & nothing else.

Short covering was to blame for some of this recent rally as prices have rallied about 600 points from the most recent bottom as the trend was bearish and now is bullish, but basically this trend is mixed to choppy in my opinion.TREND: HIGHER---MIXED---CHART STRUCTURE: POOR




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