Lean Hogs

April Hogs Gap to Fresh Contract Low

Posted in Lean Hogs, livestock on February 5th, 2009 by Commodity Trader – Comments Off
April lean hog futures on the Chicago Mercantile Exchange on Thursday gapped lower on the daily bar chart and hit a fresh contract low of 59.85 cents a pound. Prices remain in a strong 6.5-month-old downtrend on the daily bar chart and there are no early technical clues to suggest a market low is close at hand. The next downside price objective for the powerful hog market bears is to push and close prices below strong longer-term technical support at the 58.00-cent area. For the bulls to begin to regain some upside near-term technical traction, they will first have to push and close prices above strong technical resistance at the last "reaction high" of 63.15 cents a pound.

Lean Hogs Suffer Fresh Chart Damage

Posted in Lean Hogs, livestock on January 15th, 2009 by Commodity Trader – Comments Off
February lean hog futures at the Chicago Mercantile Exchange on Wednesday gapped lower on the daily bar chart and hit a fresh two-week low. Prices are now back down near strong technical support at the contract low of $58.90. Prices are also in a six-week-old downtrending channel on the daily bar chart. A close below strong chart support at the contract low of $58.90 would produce still more technical damage to suggest a quick price move to the lower boundary of the downtrending channel, which is located at the $57.50 price level in February lean hogs.