Lean Hog Futures—Hog futures in the June contract is currently lower by 177 points at 87.90 trading right at major support still hovering right near 8 week lows as the volatility certainly remains high.
The fact that the United States did not make a trade deal with China is bearish livestock prices and especially hogs and if you think lower prices are ahead I would sell it today’s price level while putting the stop loss above the 2 week high of 83.82 as the risk is around $2,500 per contract plus slippage and commission, however I am sitting on the sidelines waiting for better chart structure to develop.
Most of the commodity markets are lower in today’s trade as the uncertainty about the trade deal continues to put pressure on prices as it doesn’t look like any type of deal is going to be reached until later in 2019.
If you take a look at the daily chart the downtrend line in the hog market remains intact,however prices are mixed because of the fact that we are trading under the 20 day but still above their 100 day moving average as I think lower prices are ahead.
CHART STRUCTURE: POOR
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