The Bullish Seasonal for Lean Hogs is Off to a Great Start
Hogs Summary
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 100.00-120.00
Weighted Average: 106.83
Change from Prior Day: -2.52
Head Count: 7,286
Daily Hog Slaughter
4800,000. Unchanged from last week and 3,000 less than the same week last year.
Technical Snapshot
Lean Hogs
Lean hogs have had a solid performance over the last two sessions, getting the bullish seasonal trade off to a good start (the seasonal is for the June contract, contact us for more information). The market got up to the 50 and 100 day moving averages but wasn't able to chew through that resistance band from 94.225-94.975. A breakout above that pocket could open the door for another leg higher, with the next resistance pocket coming in closer to 98.00.
Resistance: 98.05-98.25***,100.375-100.825***, 101.65**
Pivot: 94.225-94.975
Support: 91.50**, 89.40-90.225***, 86.825-87.40****
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.
Daily Direct Hogs Plant Delivered (as of 1:30 PM CT)
Carcass Base Price
Range: 100.00-120.00
Weighted Average: 106.83
Change from Prior Day: -2.52
Head Count: 7,286
Daily Hog Slaughter
4800,000. Unchanged from last week and 3,000 less than the same week last year.
Technical Snapshot
Lean Hogs
Lean hogs have had a solid performance over the last two sessions, getting the bullish seasonal trade off to a good start (the seasonal is for the June contract, contact us for more information). The market got up to the 50 and 100 day moving averages but wasn't able to chew through that resistance band from 94.225-94.975. A breakout above that pocket could open the door for another leg higher, with the next resistance pocket coming in closer to 98.00.
Resistance: 98.05-98.25***,100.375-100.825***, 101.65**
Pivot: 94.225-94.975
Support: 91.50**, 89.40-90.225***, 86.825-87.40****
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.
Disclaimer
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