New pivots for the month of April have been formed for June Lean Hogs. Target is between S2 and S3 71.650 and 69. Hog index continues to fall now at 58 for April contract. Corn prices were on the rise after USDA report, but the feverish buying on Thursday before the holidays seems to have tapered off today. Until 20 day MA is crossed for Hogs, and is solid above this line, we will be in a downtrend. We may get sideways trading nearing S3 if index doesn't turn around.
Note
Hogs made butterfly and bounced. Waiting to see if it will breach and stay above the 20 day MA. Target pivot at 76.825Note
June Hogs crossed the 20 day MA. Upside target R1 at 80.025Note
Hogs showing bull flag. Lower move down through the 20 day MA will cause a sell position. High target still R1Note
June Hogs nears 20 day MA and breaks pivot. Downside target S1 at 73.625. Hog index climbing at 57.Note
Hogs break 20 day MA heading for S1 at 73.625Note
Hogs fell again today taking out S1 and heading for S2 at 71.650 for Monday. Double bottom expected. Corn continues to rise and RSI up for Corn looks like the downside of Hogs RSI running in step with each other. New pivots will be formed Tuesday, so I will show possible projections then.Note
A pause today with Hogs. Might be trying to form a bear flag. New pivots tomorrow.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.