Fallout or Inverse Head and Shoulders?
Lean Hogs
Technicals (October - V)
October lean hogs traded lower in yesterday's session, but it did little to alter the technical landscape as the market continues to consolidate between trendline resistance and support. So long as the Bulls can defend 74.90-74.45, we think this could setup for a good risk/reward trade to the upside. With that said, a break and close below there would negate that bias as it could open the door for more pressure.
Resistance: 77.325-77.50***, 78.55-78.70****
Pivot: 76.25
Support: 73.90-74.45***, 72.42-72.475***
Weekly Export Sales
Pork: Net sales of 34,600 MT for 2024 were up 10 percent from the previous week and 24 percent from the prior 4-week average.
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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.
Technicals (October - V)
October lean hogs traded lower in yesterday's session, but it did little to alter the technical landscape as the market continues to consolidate between trendline resistance and support. So long as the Bulls can defend 74.90-74.45, we think this could setup for a good risk/reward trade to the upside. With that said, a break and close below there would negate that bias as it could open the door for more pressure.
Resistance: 77.325-77.50***, 78.55-78.70****
Pivot: 76.25
Support: 73.90-74.45***, 72.42-72.475***
Weekly Export Sales
Pork: Net sales of 34,600 MT for 2024 were up 10 percent from the previous week and 24 percent from the prior 4-week average.
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
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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