Last Wednesday, I was very bullish on Hog prices.
That was last week.
New information is weakening that conviction.
MAY 2022 Futures
May Futures are below the flattening 50 Day Moving Average and appear to be forming a Head and Shoulders top.
The neckline, indicated by the yellow trendline, has been broken.
The measured move produces a minimum target at 94.95, although this is unlikely to be reached before the contract expires.
Our strategy generates a sell signal below 107.50 on an entire Daily candle close below the trendline.
Where we place the initial Stop is most important than the entry.
Once we get an entry, we can identify where to place the Stop.
JUNE 2022 Futures
June Futures are below the flattening 50 Day Moving Average and appear to be forming a Head and Shoulders top.
The neckline, indicated by the yellow trendline, has been broken.
The measured move produces a minimum price target of 101.10.
Our strategy generates a sell signal below 114 with an entire Daily candle close below the trendline.
Where we place the initial Stop is most important than the entry.
Once we get an entry, we can identify where to place the Stop.
JULY 2022 Futures
July Futures are below the flattening 50 Day Moving Average and appear to be forming a Head and Shoulders top.
The neckline, indicated by the yellow trendline, has been broken.
The measured move produces a minimum price target at 104.10
Our strategy generates a sell signal below 115 with an entire Daily candle close below the trendline.
Where we place the initial Stop is most important than the entry.
Once we get an entry, we can identify where to place the Stop.
AUGUST 2022 Futures
August Futures are below the flattening 50 Day Moving Average and appear to be forming a Head and Shoulders top.
The neckline, indicated by the yellow trendline, has been broken.
The measured move produces a minimum price target at 103.575
Our strategy generates a sell signal below 113 with an entire Daily candle close below the trendline.
Where we place the initial Stop is most important than the entry.
Once we get an entry, we can identify where to place the Stop.
OCTOBER 2022 Futures
The price is now below the yellow trendline on the Daily chart.
Once the price closes below the green 50 DMA, we will review the Weekly chart in greater detail.
DECEMBER 2022 Futures
The price is within an ascending channel above a rising 50 Day Moving Average.
The uptrend is strong; however, we will monitor how the price reacts to the bottom trendline and the green 50 DMA.