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Lean Hog Futures—Hog prices are trading far above their 20 and 100 day moving average as this trend has been remarkable to the upside and if you take a look at the daily chart as I have talked about in previous blogs there was a head and shoulders bottom chart pattern that developed as that can predict higher prices ahead is that is exactly what occurred.
Volatility at the present time is extremely high as we are now witnessing limit up trading sessions so if you are involved, respect this market while making sure that you risk 2% your account balance on any given trade.
I had been recommending a bullish position from around the 50.75 level over the last month as I exited around the 68.30 area today as I think the price gaps will be filled next week as this market has skyrocketed to the upside.
Fundamentally speaking Germany’s Ministry of Food and Agriculture confirmed the suspected case of ASF in a wild boar as officials have quarantined the area in an effort to contain the possible spread as they search for more cases coupled with the fact that South Korea announced an import ban from German sourced pork beginning September 10th.
CHART STRUCTURE: POOR
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