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Hog Futures: Lean Hogs Closed Up on Thursday

20 June 2014
Jim Wyckoff Commentary -  TheCropSite

US - July hogs closed up $2.62 at $128.05. July hogs gapped up and closed higher on Thursday thereby renewing this month's rally.

Today's high-range close sets the stage for a steady to higher opening when Friday's night session begins trading.

Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term.

If July extends this month's rally, May's high crossing at 128.30 is the next upside target. Closes below the 20-day moving average crossing at 123.92 would confirm that a short-term top has been posted.

Multiple closes above May's high would also confirm an upside breakout of this spring's ascending triangle thereby renewing the rally off last year's low. First resistance is today's high crossing at 128.10. Second resistance is May's high crossing at 128.30.

First support is the 20-day moving average crossing at 123.92. Second support is June's low crossing at 119.60.

ThePigSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

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