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October Lean Hogs Closed Down Monday

09 September 2014
Jim Wyckoff Commentary -  TheCropSite

US - October hogs closed down $2.55 at $103.07. October hogs closed sharply lower on Monday as it consolidated some of the rally off August's low.

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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.

If October extends the rally off August's low, the 62 per cent retracement level of the July-August's decline crossing at 107.61 is the next upside target.

Closes below the 20-day moving average crossing at 97.21 would confirm that a short-term top has been posted.

First resistance is today's high crossing at 105.90. Second resistance is the 62 per cent retracement level of the July-August's decline crossing at 107.61.

First support is the 20-day moving average crossing at 97.21. Second support is August's low crossing at 90.60.

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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