Will Hogs Breakout?
Lean Hogs
Commitment of Traders Update: Friday’s Updated CoT report showed Managed Money were net buyers of 11,450 futures/options contracts through July 12th This expands their net long position to 39,934 contracts.
Technicals (August): August lean hog futures traded at the upper end of the two-month range last week. Resistance remains intact from 111.30-112.00. A break and close above this pocket, and there’s little significant resistance for several dollars. On the support side of things, 106.35-107.025 is the pocket the Bulls need to defend.
Resistance: 111.30-112.00***, 116.325**, 120.30-121.25***
Pivot: 106.35-107.025
Support: 103.00-103.95***, 101.30-101.60**, 98.00-98.65****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Commitment of Traders Update: Friday’s Updated CoT report showed Managed Money were net buyers of 11,450 futures/options contracts through July 12th This expands their net long position to 39,934 contracts.
Technicals (August): August lean hog futures traded at the upper end of the two-month range last week. Resistance remains intact from 111.30-112.00. A break and close above this pocket, and there’s little significant resistance for several dollars. On the support side of things, 106.35-107.025 is the pocket the Bulls need to defend.
Resistance: 111.30-112.00***, 116.325**, 120.30-121.25***
Pivot: 106.35-107.025
Support: 103.00-103.95***, 101.30-101.60**, 98.00-98.65****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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