August Lean Hog has created a bearish flag today. Looking for fall through pivot at 81.7 and then to 79.825 which is a major support area for hogs tracing back to Feb 21, 2017. S1 may become a support area to another run up. If Pivot holds uptrend may form for possible double top. Hog index is still rising. This is still a bullish market. Initial Bullish butterfly is a possible pattern.
October Hogs is also looking bearish for the moment. Looking to see if pivot holds or further downward movement.
October Hogs is also looking bearish for the moment. Looking to see if pivot holds or further downward movement.
Comment:
Lean Hogs fell off of flag. Hit pivot Support 1. Could fall through on Monday to Support 2 and beyond, although S2 is significant support and was tested 4 times 3 weeks back. October also fell to S1.
Comment:
Lean Hogs rebound off of B position and is now headed for C. Next upside is 84.050, then 85.5