Lean Hogs
Technicals (June-M)
June lean hog futures shipped back higher midmorning but retreated back near unchanged by the close. Trendline support continues to hold which bodes well for some relief to the upside from these levels. A break and close below yesterday's low of 102.175 would neutralize that bias. A close above 104.20 could trigger a move back to 105.45-106.00. This pocket represents previously important price points as well as the 50% retracement of the recent move.
Resistance: 105.45-106.00*,109.175-109.65
Pivot: 103.00-103.50
Support: 102.175**, 101.00-101.50, 98.60-99.20
Seasonal Tendencies
Below is a look at historical seasonality's for June lean hogs (updated each Monday) VS today's prices (black line).
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Friday's Commitment of Traders report showed Funds were net buyers of roughly 19k contracts, expanding their net long position to 92,731 contracts. Looking back at historical holdings, this is nearing a record, that was set back in 2013 when funds were long 97,952 contracts.
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Technicals (June-M)
June lean hog futures shipped back higher midmorning but retreated back near unchanged by the close. Trendline support continues to hold which bodes well for some relief to the upside from these levels. A break and close below yesterday's low of 102.175 would neutralize that bias. A close above 104.20 could trigger a move back to 105.45-106.00. This pocket represents previously important price points as well as the 50% retracement of the recent move.
Resistance: 105.45-106.00*,109.175-109.65
Pivot: 103.00-103.50
Support: 102.175**, 101.00-101.50, 98.60-99.20
Seasonal Tendencies
Below is a look at historical seasonality's for June lean hogs (updated each Monday) VS today's prices (black line).
*Past performance is not necessarily indicative of futures results.
Commitment of Traders Snapshot
(updated on Mondays)
Friday's Commitment of Traders report showed Funds were net buyers of roughly 19k contracts, expanding their net long position to 92,731 contracts. Looking back at historical holdings, this is nearing a record, that was set back in 2013 when funds were long 97,952 contracts.
Check out CME Group real-time data plans available on TradingView here: www.tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.