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Hog Futures: October Lean Hogs Closed Down on Monday

05 August 2014
Jim Wyckoff Commentary -  TheCropSite

US - August hogs closed down $0.95 at $117.07.

August hogs closed lower on Monday as it extended the decline off July's high.

Today's low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading.

Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term.

If August extends the decline off June's high, the 38 per cent retracement level of the 2013-2014-rally crossing at 115.40 is the next downside target.

Closes above the 20-day moving average crossing at 125.25 would confirm that a short-term low has been posted.

First resistance is the 10-day moving average crossing at 121.63.

Second resistance is the 20-day moving average crossing at 125.25. First support is today's low crossing at 117.05.

Second support is the 38 per cent retracement level of the 2013-2014-rally crossing at 115.40.

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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