Lean Hog Futures—Hog futures in the October contract
is currently trading higher by 60 points at 54.25 reversing the steep losses that we witnessed last Friday as buyers came back into this market this Monday afternoon in Chicago.
I have 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 2 week low standing at 51.47 as the chart structure is solid at the current time. For the bullish momentum to continue prices have to break the August 26th high of 56.70 in my opinion and if you take a look at the daily chart the uptrend line still remains intact coupled with the prices are trading above their 20 & 100 day moving average as this trend remains to the upside.
The next major level of resistance stands around the 56/57 level and if that is broken I think we could touch the 60 area in the coming days ahead so stay long as I think the commodity markets look to move higher across the board. The U.S dollar hit a 2-year low in today’s trade which is a bullish factor for higher prices as I think all of the poor fundamental news has already been dictated into the price as I see no reason to be short.
CHART STRUCTURE: SOLID
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