Hogs completed the Gartley and fell off and hit the uptrend line. Looking for mixed trading Friday and then possible continued selling or a pause and then a reversal up. Initial support comes in at 61.150. Hogs still seem very bullish.
Comment:
Hogs still look bearish and may try 61-60.50 again.
Comment:
Hogs look like they make a turn for more bullish action to form last leg of the Bearish Butterfly. Looking for 62.75 and 63.5 as potential upside targets. If bears can deliver a stunning blow to hogs and break 61.150 and stay under, downside target could be 60.425. Hog index has been climbing steadily however for the last 2 weeks, and now at 91.5 in the leading month.
Trade closed: target reached:
Hogs hit target and then some. Still see further upside or possible pull back at 65.95