Lean Hog Futures— Hog futures in the October contract is trading sharply higher this Thursday afternoon in Chicago limit up 300 points or 4.89% at 64.37 looking to advance these gains on tomorrow’s open as prices gaped open on the daily chart.
I’ve been recommending a bullish position from around the 50.75 level and if you took that trade continue to place the stop-loss under the 10 day low at 53.17 as an exit strategy, however the chart structure will improve in 3 trading days therefor the monetary risk will be reduced.
If you have been following any of my previous blogs you understand that I thought the 65 level could be touched which is just an eyelash away and now I think the contract high which was hit on March 13th at 66.92 could be in the cards in the coming days ahead as this market remains strong as fundamentally &t technically speaking prices look to move even higher.
At the current time this is my only livestock recommendation as the cattle market remains very choppy so stay long as the volatility will continue to expand to the upside.
CHART STRUCTURE: POOR
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