Lean Hogs RallyLean Hogs
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 5,411 futures/options through July 19th. This expands their net long position to 45,435 contracts.
Technicals (October): October lean hogs were able to breakout above the top end of the range from May and June, this could propel prices back to the march highs, 100.825. On the support side of things, the 100-day moving average lines up with previous resistance near 94.30-95.30. The Bulls will want to defend this pocket going forward. A break and close below could neutralize the friendly developments on the chart.
Resistance: 97.525-97.85**, 100.375-100.825***
Support: 94.30-95.30***, 92.50**
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