Like Cattle, Lean Hog broke out of its flag and produced another high, almost reaching the Butterfly 126.2% of the XA leg. If Hogs continues then could enter into the Butterfly extension to 70 and above. Top for hogs is a high made back in 2016-06-15. Could it reach that? Maybe. 61.95 could become support.
Feb Lean hogs created a bullish flag today and tried several times to exit, or you could also say it did exit depending on your point of view. Potential upside to 66.75 is possible with a follow through to 71 of the Butterfly extension.Being overbought isn't slowing this market down, allow bears did try several times throughout the trading session.
Feb Lean Hogs hit the ceiling today with a double top pull back. Looking for another day of down getting rid of the overbought market. 59 may be a target. Not sure it will fall that much. Open interest was low so not that many bulls bailed. Will still look for hogs to climb to 64 at some point. There still seems to be plenty of bull power behind this market.
Feb Lean hogs was up today but created a double top. Worked hard all day to clear 62.35 but ran into head way. This market is way over bought and will be seeing collapse soon. Not certain it will achieve the minimal Butterfly. If bulls can muster another push Lean Hogs may close in on 63.75. Market remains in Gann Fan 1/1 which is still indication of a strong ...
Lean Hogs rallied higher today looking to complete the Gartley. Look for Double top if prices don't continue to progress today, although double top is slightly eclipsed. 78.6% is set at 58.775 of the Gartley pattern. If Double top look for price drop Wednesday, but be causes. Could turn into chop. If bulls pressure could see uptrend continue. Watch corn progression.