Lean Hogs (April)
April lean hogs retreated today, ending the 5-session win streak. Prices pulled back to our first support pocket, which we defined in yesterday’s report as 56.50-56.825. This pocket represents the gap from Friday’s close to Monday’s open, it also contains other previously important price points. If the bulls can defend this pocket in the back half of the week, they will be in good position for next week’s trade. First resistance comes in from 57.875-58.60, a conviction close above here takes us back to the 60 handle.
Resistance: 57.875-58.60**, 60.35***
Support: 56.50-56.825***, 52.25-52.75****
If you have any questions about the commodity futures and options markets, trading or opening an account please let us know!
For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at https://dawtradingdiv.com/brokers-edge/
Disclaimer:
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.