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 out.
Note
Dec Hogs has created a negative reversal candle today. Downside target for bears is at 60.925 at R1. Don't know how much downside hogs has right now. There seems to be buyers still in this market. Hog index is slowing down. Only down .10 at 54.39. Happy spot is probably pivot at 59.Note
Hogs trying to find more upside today and could reach R3 by tomorrow, but Fridays seem to bring reversals and people wanting out of the market with money. Downside target if this uptrend is broken, R1 at 60.925Note
Hogs following the Bat pattern nicely so far. Downside target R1 at 60.925, then pivot at 59. Hog index at 58.32 and rising. Soon will meet for more upside. Market should follow index somewhat now until end of contract.Trade closed manually
Hogs breached Bat. New formation coming.
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Disclaimer
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.