Lean Hog Futures--- Lean hogs in the July contract settled last Friday in Chicago at 78.60 while currently trading at 79.77 continuing its bullish momentum right at fresh yearly highs as I'm not involved in this market as the chart structure was very poor as prices went straight down and then straight up, but it certainly does look to me that higher prices are ahead.
Traders are awaiting Monday's cold storage report as that should bring high volatility next week as the next major level of resistance is around the 82.00 level as this market has basically caught up to cattle prices in my opinion which still remain strong and I still think cattle prices are even going higher on strong demand as the livestock sector continues to move higher as we enter the summer demand season.
Hog prices are trading far above their 20 and 100 day moving average telling you that the short-term trend is higher as the U.S dollar continues its bearish momentum hitting a 7 month low which is also bullish hog prices coupled with the fact of strong demand coming out of China as this market has strong fundamentals at the present time so stay bullish & if you have a futures contract on place the stop loss under the 10 low as an exit strategy in my opinion.TREND: HIGHER–CHART STRUCTURE: POOR--IMPROVING
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