October hogs lifting off of the S2 after being sold off last two weeks. Upside target for bulls is at S1, 62.900. A lot of overhead must be cleared before significant upside can materialize. One of them being the 20 day MA and significant sell orders at 63.775. The Hog index has turned around and is now rising again from lows of 62. Index is now at 69.
Note
Hogs touch 20 day MA, but never breached it. The task at hand is will this continue up, or trace back below S2?Note
Hogs breached the 20 day MA today and stayed above. This is a good sign. Next upside target for bulls is pivot at 65.350Note
Hogs keep pushing upward. Pivot at 65.350 target for bulls.Note
A double bottom for Hogs. Until Hogs can crack the downtrend RSI this market is headed down to sideways. S2 becomes support for now until breached.Note
It looks like Hogs is in a 3 drives move on the October contract. Note
Hogs went bearish today after trying to go higher. We should be in the last three drives move. Will see Tuesday if it falls further.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.