Lean Hog Futures---Lean hog futures in the June contract continue to collapse trading lower for the 3rd consecutive day down another 120 points at 68.75 as this market has moved to the downside despite the fact that cattle prices hit another contract high today.
I've been recommending a short position in this commodity from the 77.45 level & if you took the trade continue to place the stop loss above 74.10 as chart structure will not improve for another 4 trading session so the risk is high at this point due to the fact that prices have fallen off a cliff.
Hog prices are trading far below their 20 and 100 day moving average telling you the short-term trend is lower as I had a feeling that prices could trade down to the 68.50 level, however if this level is broken I think we can go all way down to 65.00 relatively quickly as over expansion and supply issues continue to hamper this market to the downside here in the short term.
The chart structure is very poor at the present time so I'm not looking at adding any more contracts so stick with the original trade and place the proper stop loss at this time.TREND: LOWER–CHART STRUCTURE: POOR
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