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...
The foundation is in place for a potential inverse head and shoulder pattern. Ideally price penetrates the neckline/.5 yearly fib to take out that June 2016 high (89.90) before selling off to close below this area with some sort of deceleration/reversal candle. This would form a higher high that could then send us down to form a right shoulder near that major...
Lean Hogs has climbed a little higher today. Still has a little more RSI to go, and wouldn't be surprised for a run to double top. Would could be witnessing an elliot wave here.
July Lean Hog is on it's fifth ellliot wave position hopefully filling out the last part of the bullish butterfly. Next downside target triple bottom 72.4
July Lean Hogs had a couple of days of craziness and seems to have settled down a little after H&S fall. It has met the 74.225 H&S target, and crashed through that today. Left a good strong bar down. Next downside target at 72.45, and double bottom at 67. New setup is a bullish butterfly.
July Lean Hogs fell off of H&S today and crossed neckline signalling possible follow through to 74.225 which would be the height of the neckline to top of head where support comes. Hogs needs to break and stay under 76 for confirmation.
July Lean Hog has produced a bullish flag today. Next upside target 79.775
Another flag opportunity. July Lean Hogs created a bearish flag today out of the bullish one a couple of days ago. Tried to close second gap, but was traded back. Caution, Hogs are also caught in a wedge so fall may be short lived until proof of exit and sustained candle is outside. This is still an upward trend. Grains are creating multiple bullish flags today,...
July Lean Hog fell of a bearish flag today. Came close to uptrend line. Still opposition to this market going lower. Will require a lot more push before breaking trend.
The market hates gaps and will always try to fill at some point. June Lean Hogs filled one gap and will probably attempt the next one Monday/Tuesday. Lean Hog index has stopped increasing, but remains around 77.73.
Lean Hog's price index is at 71.94 about where the day ended. Hogs met the Cypher pattern extension and fell back. If the price index is up again tomorrow more upside may take place. For now we have a down day cycle which may move up to the end of the week. Open interest is starting to rise once again.
April Lean Hogs is fighting lower prices. The last 3 days were crazy. We may continue uptrend on Monday as Feb Lean Hog (see below) has created a Harami pattern suggesting higher prices. The USDA index for Lean Hog is 68.11 area and has been rising. If we get a triple top, we may be looking at even higher prices. Next USDA index comes out at 8:45 Chicago time....
Lean Hog produced a double top today after buying yesterday, which was a shock, and did a mad sell with just a little tail showing. Looking for even lower prices tomorrow. Was watching to see if bulls bought back some of the sell to 67.875 area, which may have produced an up day tomorrow, but bears fought hard and kept it in check. Cypher is still intact. Look for...
April Lean Hogs collapsed further today. Looking for candlestick pattern 3 black crows tomorrow, which might suggest building out the last leg of the Cypher pattern. Next target for the bears is 61.8% at 66.675. Still being cautious of a break up for more long action. Open interest is still rising and volume is moderate which is a good indication for continued fall.
April Lean Hog fell further today and almost getting to 38.2 retracement. The CCI made a cross over and looking for lower prices, but because this market seems to have full bull force behind it and the open interest is pointing higher, be cautious. Next move down for bears is 67.9 where the bottom of today's low was. Possibly to 50% Fib.
April Lean Hogs saw no advancement off the bullish flag. A Doji was created today suggesting a possible reversal. Also this market has achieved the mini Cypher pattern and getting close to the major Cypher. Will this become a Butterfly? Be cautious on your trade. Upside may be to 70.725 area. Downside to 67.90 area for a 38.2% retracement. This market is nearing a...