Where Are Hog Prices Going ?

Lean Hog Futures---Hog futures in the August contract is currently trading lower by 95 points at 80.77 reversing some of the sharp gains that we witnessed over the last 2 trading sessions. At the present time I'm sitting on the sidelines looking at entering into a bullish position as I do think the June 24th bottom of 73.95 will hold as prices are right at a 3 week high.

Hog prices are trading above their 20 day moving average but still below the 100 day as the trend is mixed and if you take a look at the daily chart the 75 level held on multiple occasions as it looks to me that prices want to move higher.

Hog prices in the month of April were trading above 100 as we have dropped about 20% over the last 3 months as I think at this present time the tide is starting to turn as the commodity markets in general are starting to rally as I think it's just a matter of time before the hog market joins the party.

TREND: ---MIXED

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

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