The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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August Lean Hogs
The lean hog market made an early low in today’s session before pressing higher to breach the 30 minute cloud high of 76.800. The contract extended through into the close to settle at 77.775. The recent low of roughly 72.500 established in the final day of last month appears to me to be a B wave extreme. Any further advance will have to contend with the 80 level as it will bump up against the daily inner channel and the upper hourly cloud convergence level. A follow through will look to extend to /-83.50 which represents a major 60 minute cross resistance level. I’d be expecting a reaction off here. Any slip below today’s low would negate this scenario. Please follow along with me as I will be discussing the state of this and other futures markets.
My analytical breakdown focuses on a blend of wave pattern recognition, long and short term geometrical extensions and momentum signal interpretation. Please feel free to contact me at Walsh Trading to discuss my insights into this or any market of your interest.
John Lunney, Senior Technical Analyst
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