Lean Hog Bearish FlagJuly Lean Hog fell of a bearish flag today. Came close to uptrend line. Still opposition to this market going lower. Will require a lot more push before breaking trend.
Leanhogs
Hogs Going for Second gapThe market hates gaps and will always try to fill at some point. June Lean Hogs filled one gap and will probably attempt the next one Monday/Tuesday. Lean Hog index has stopped increasing, but remains around 77.73.
Lean HogLean Hog's price index is at 71.94 about where the day ended. Hogs met the Cypher pattern extension and fell back. If the price index is up again tomorrow more upside may take place. For now we have a down day cycle which may move up to the end of the week. Open interest is starting to rise once again.
Lean HogsApril Lean Hogs is fighting lower prices. The last 3 days were crazy. We may continue uptrend on Monday as Feb Lean Hog (see below) has created a Harami pattern suggesting higher prices. The USDA index for Lean Hog is 68.11 area and has been rising. If we get a triple top, we may be looking at even higher prices. Next USDA index comes out at 8:45 Chicago time. This market is also under the 20 day moving average.
Lean HogLean Hog produced a double top today after buying yesterday, which was a shock, and did a mad sell with just a little tail showing. Looking for even lower prices tomorrow. Was watching to see if bulls bought back some of the sell to 67.875 area, which may have produced an up day tomorrow, but bears fought hard and kept it in check. Cypher is still intact. Look for 78.6% as target using Gann Fan 2/1 as support
Lean HogsApril Lean Hogs collapsed further today. Looking for candlestick pattern 3 black crows tomorrow, which might suggest building out the last leg of the Cypher pattern. Next target for the bears is 61.8% at 66.675. Still being cautious of a break up for more long action. Open interest is still rising and volume is moderate which is a good indication for continued fall.
Lean HogsApril Lean hogs is building a bearish flag today. Look for continued up and down until confirmation. The CCI is below trend and dipping down. A higher low has been created. Friday could be setup for a Monday fall.
Lean HogApril Lean Hog fell further today and almost getting to 38.2 retracement. The CCI made a cross over and looking for lower prices, but because this market seems to have full bull force behind it and the open interest is pointing higher, be cautious. Next move down for bears is 67.9 where the bottom of today's low was. Possibly to 50% Fib.
Lean HogsApril Lean Hogs saw no advancement off the bullish flag. A Doji was created today suggesting a possible reversal. Also this market has achieved the mini Cypher pattern and getting close to the major Cypher. Will this become a Butterfly? Be cautious on your trade. Upside may be to 70.725 area. Downside to 67.90 area for a 38.2% retracement. This market is nearing a extreme overbought situation.
Lean HogsApril Lean Hogs tried to rise out of the bullish flag today but was traded back into the flag. The low is higher than the previous low suggesting further upside. We may see this market go higher on Monday. Next target for the bulls is 70.750 to complete the large Cypher pattern and enter into the smaller Cypher's extension.
Lean HogApril Lean Hog sees higher low and is creating a bullish flag. Seeing market to continue up until proven otherwise. Lean Hog remains in the 1/1 Gann Fan. Next target for bulls is 70.700.
April Lean HogsApril Lean Hogs tried to break 68.475 for higher highs. Several hammers have been created suggesting further long position. Next target for bulls 68.925 and then 70 to complete an open Elliot Wave 1-5.
April Lean HogsApril Lean Hogs hasn't broken uptrend and is continuing to hold Cypher pattern. Looking for prices to rise to 70 if bulls can move this market higher. Last leg of the Elliot Wave would bring this market to Cypher pattern completion. Remember that the Cypher pattern BC leg can extend up 113-141.4% making the price 72.650. Prices remain above the 20 day moving average.
Happy trading
April Lean Hogs Bullish CypherApril Lean Hogs was up today on strong buys and building a bullish Cypher pattern. Next target for bulls is 69 which could produce a double top. Hogs moved back above the 20 day moving average and remain in a strong up trend within the 1/1 Gann Fan.
Lean Hogs fell below the 20 day moving averaageFeb, April and June Lean Hogs fell below the 20 day moving average. Still an unstable market of up and down movement. Look for further lows to 38.2.
Can Hogs make it back to 80'sI try to follow the meat complex but get distracted by other markets. Hogs and Cattle, since November were apparently the markets to follow and, for some reason, I haven't tracked them. Hogs have made an incredible run since mid November and could be at a pause point. How they open this coming week should add clarity if there is more to the correction underway or not. The question is can this market make it back to 80's or higher. On the daily renko chart with blksz set to 1, price is now at the 200EMA and the 2hr and 5Min are showing a correction underway.
On the 2hr, the charcoal box is what the 5min expands out to and the red box is where the buy signal was triggered had I been paying attention.
Feb Lean Hogs Bullish FlagsFeb Lean Hog has created a series of bullish flags but hasn't produce much results as of late. Still in the 1/1 Gann Fan. Look for continued sideways action and breakouts unless bears can trade this lower.
Feb Lean Hog Finish ButterflyLean Hog finished it's butterfly today. Possible run through the XA leg extension and run to top of hogs. Sell back this morning was short lived as bulls are still in command.
Lean Hog Rise out of FlagLike Cattle, Lean Hog broke out of its flag and produced another high, almost reaching the Butterfly 126.2% of the XA leg. If Hogs continues then could enter into the Butterfly extension to 70 and above. Top for hogs is a high made back in 2016-06-15. Could it reach that? Maybe. 61.95 could become support.
Lean Hogs Produces FlagFeb Lean hogs created a bullish flag today and tried several times to exit, or you could also say it did exit depending on your point of view. Potential upside to 66.75 is possible with a follow through to 71 of the Butterfly extension.Being overbought isn't slowing this market down, allow bears did try several times throughout the trading session.
Lean Hogs Stays StrongFeb Lean Hogs did not crumble today. Created a cross of continuation. Still looking for a possible small downturn. With Fed rising interest rates we may see a topple tomorrow. Time will tell.
Lean Hogs Retract OverboughtFeb Lean Hogs hit the ceiling today with a double top pull back. Looking for another day of down getting rid of the overbought market. 59 may be a target. Not sure it will fall that much. Open interest was low so not that many bulls bailed. Will still look for hogs to climb to 64 at some point. There still seems to be plenty of bull power behind this market.
Feb Lean Hogs coming to completionFeb Lean hogs was up today but created a double top. Worked hard all day to clear 62.35 but ran into head way. This market is way over bought and will be seeing collapse soon. Not certain it will achieve the minimal Butterfly. If bulls can muster another push Lean Hogs may close in on 63.75. Market remains in Gann Fan 1/1 which is still indication of a strong market, however hogs have run to far too fast to last.
