Lean Hog Futures--- Lean hog futures in the February contract finished lower for the 2nd consecutive session down another 155 points at 68.95 as a possible top may have been created in this market around the 72.50 level as prices have now hit a 2 week low.
I have not traded the hog market for quite some time as prices filled the gap that was created on November 23rd around the 69.32 level as the volatility is starting to increase which is a terrific thing to see & if you take a look at the daily chart prices tried to make new highs, but was unable to crack the critical level of 72.50, as I will wait for better chart structure to develop before entering into a new short position.
Hog prices are still trading above their 20 and 100 day moving average as the trend still is to the upside as cattle prices have declined over the last month which has started to put a little pressure on hog prices as we head into the strong demand season of Christmas.
The next major level of support is at the 67.50 level which could be retested possibly this week or early next week as I'm not bearish many sectors, but hogs look interesting to the downside in my opinion so keep a close eye on this market and wait for the risk/reward to come into your favor which will not happen until at least next weeks trade.
Commodity markets today were lower across the board as this week has been very negative as I still have a bullish bias in many different sectors as we head into 2018, however the trend less markets are still upon us.
CHART STRUCTURE: SOLID
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