Lean Hogs Continue to Rally
*Cold storage report will be out tomorrow afternoon
Lean Hogs
Technicals (August): Lean hog futures finally showed some more conviction in their recent breakout move above significant resistance from 111-112ish. This opens the door to a potential test of first resistance, 116.325. The more significant resistance comes in closer to 120. The RSI (at the bottom of the chart) is approaching its highest level since March, which is still below what would be considered “overbought”.
Resistance: 116.325**, 120.30-121.25***
Pivot: 111.30-112.00
Support: 109.825-110.50***, 103.00-103.95***, 101.30-101.60**, 98.00-98.65****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Lean Hogs
Technicals (August): Lean hog futures finally showed some more conviction in their recent breakout move above significant resistance from 111-112ish. This opens the door to a potential test of first resistance, 116.325. The more significant resistance comes in closer to 120. The RSI (at the bottom of the chart) is approaching its highest level since March, which is still below what would be considered “overbought”.
Resistance: 116.325**, 120.30-121.25***
Pivot: 111.30-112.00
Support: 109.825-110.50***, 103.00-103.95***, 101.30-101.60**, 98.00-98.65****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.