Lean Hog Futures–-Hog futures in the February contract is currently trading higher by 47 points at 71.15 hitting a 5-week high continuing its bullish momentum on optimism about the U.S economy which looks to become even stronger in 2020 due to the China trade agreement which will be cemented in the coming weeks ahead.
I have been recommending a bullish position from around the 69.60 level and if you took that trade continue to place the stop loss under the contract low standing at 63.67 as that will be raised next week to the 10-day low as I want to give this trade some room as I think there is significant potential to the upside in the coming weeks ahead.
At the current time I have many bullish recommendations as I think 2020 will be terrific for most commodity sectors as the U.S economy is outstanding at the current time and I see nothing changing in the coming months ahead as I think multi-year bottoms are in place across the board.
Hog prices are trading above their 20 day but still slightly below their 100 day moving average standing at the 72.00 level and if that is breached look for massive buy stops to push this market significantly higher in the coming days ahead so stay long as the risk/reward is in your favor.
CHART STRUCTURE: SOLID
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