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December Hogs maybe ending a bearish Bat pattern and setting up for another bullish Bat. Today it created a long legged doji from 3 drives pattern. 64.075 becomes resistance. If broken more upside would ensue but I don't predict much higher as R3s are pretty rare air in this next pivot session. At the moment need confirmation of direction. RSI is beginning to tap ...
Comments on the chart
December Lean Hog maybe moving into a 3 drives pattern. RSI trend is up and hasn't been broken. Hog index is now at 60.92. We may see sideways trading now until a definite direction is decided. Watching for trendlines to fail top or bottom. New pivots will be formed middle of next week producing a small range of resistance and support.
December hogs show signs of falling again. A recovery bounce has deflated. New pivots have been created and a possible fall to double bottom or beyond could be possible. Upside target if it can muster this is at pivot at 59.675. Downside target more likely at 56.025 - S1. New possible setup is a bearish Cypher. CME Hog index has been falling steadily for the past ...
Although the Lean Hogs moved higher than 88.6 at the C position, it is still within reason calling this a Bullish Gartley pattern. Hogs went to doji today. Looking for rebound starting between the S2 and S3. Hogs could dig down deeper to 57.5. RSI is overbought but could still see some more downside. Waiting for a surge solid up bar for buy.
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.
December Lean Hog is building out a Bearish Gartley pattern. Resistance comes in at 63.150. It came close to here a couple of times and looks like it wants to try again. If broken upside target is around 63.775. Big time resistance coming in at 64.250. If bulls can break this and stay above it, could be seen as another significant uptrend.