Lean Hogs are at an Inflection Point
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 3,641 futures/options contracts through June 14th. This shrinks their net long position to 18,832 futures/options. Broken down that is 44,483 longs VS 25,651 shorts.
Technicals (July): July lean hogs gaped higher on Friday but couldn’t get much else going after fizzling out against trendline resistance from the March 31st high and the 50-day moving average. If the Bulls can chew through this barrier, we could see futures attempt to breakout above the 100-day moving average and the June 2nd high, 112.825-114.00.
Resistance: 110.50-111.625***, 114.00-114.825***
Pivot: 109.575-110.075
Support: 103.35-103.70****, 101.30-101.60**, 97.375-98.00****
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 (July): July lean hogs gaped higher on Friday but couldn’t get much else going after fizzling out against trendline resistance from the March 31st high and the 50-day moving average. If the Bulls can chew through this barrier, we could see futures attempt to breakout above the 100-day moving average and the June 2nd high, 112.825-114.00.
Resistance: 110.50-111.625***, 114.00-114.825***
Pivot: 109.575-110.075
Support: 103.35-103.70****, 101.30-101.60**, 97.375-98.00****
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.