hopscotch

April Hogs Bearish Butterfly

CME:HEJ2018   LEAN HOGS FUTURES
April Hogs index is moving up again as RSI on hogs is oversold. Next projected analysis is a bearish butterfly . Doji appeared today at R3. Expect up move for Friday. Confirmation needed. Support for now comes in at S3. There could also be a double bottom before last move up. We are initially setting this a S2.
Comment: Hogs could have produced a bearish flag on Friday. S3 has been achieved. Need confirmation Monday. RSI oversold. Expecting bump up
Comment: Hogs bounced back off of S3 and RSI lows. Expected this bounce Friday. As expected, Friday there was no bear flag as two dojis were not produced. Upside target S1 at 71.875. Index has come down a bit
Comment: Bears want cheaper Hogs down after bullish move yesterday. Maybe trying for double bottom, or a run at 67, that would put hogs extremely oversold. Index down today nearing 74.
Comment: Hogs up but we may see chop as several sells were posted today.
Comment: Major bear flag and down day Friday signals a little more downside. 67 possible target.
Comment: 3 stories on Hogs. April is trying to find upside but hasn't stayed above 20 day MA. This is the significant point that we are waiting for, for a true upside move.

June however did make 20 day, but was sold back. This might be the first market that sees a break and a end of day above the 20 day.

November hogs are creating a head and shoulders.

Index fell while cutouts rose, so like the markets are indicating really no absolute direction.
Comment: Hogs tried to crack 20 day MA, but couldn't hold on to higher prices, so we are in a sideways channel.
Comment: Hogs all contracts broke and stayed above the 20 day MA. We consider this a bull run for now. Upside target through S1 at 71.875 and onto possible pivot at 73.825
Comment: Hogs made a doji bull pause. Monday will tell the tale. Lots of sell orders in the last two days, but bulls pushing. Cutouts up again and index down. The spread is quite significant.
Comment: Hogs looked like they may move higher but heavy trading on sells again pushed it down under 20 MA. June shows a clearer setup for direction although confirmation still needed.
Comment: Down again for Hogs. Target outside parameters. Now seeking 65 for April. New pivots tomorrow would drop pivot to around S2 and S3 to 65. June broke 20 day MA.
Trade closed manually: New pivots
66 3/4 - 67 would be enough for a while imo
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gonna wait, not easy so far ;)
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