THESTOPHUNTER

Lean Hogs - how much bearishness left in the tank?

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CME:HE1!   Lean Hogs Futures
I called the 'seasonality' correction last week as I was presenting for the Society of Technical Analysts at their annual Summer party & awards evening! A day or so after my presentation and a massive one day 25% correction! The Lean Hogs seasonality play is one of my annual favourites! The question is this year - has it got any southerly legs left after that sizable move last week? Sitting and consolidating on Fibonacci resistance at late 66's looking for a further break from here to possibly target 60 then lows around 40's. If it happens it normally moves fast, which can be one of the frustrating things with this trade but looks to have some gas left in the tank. Upside support at late 72's then mid 81's if it hasn't!

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