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Have Hog Prices Finally Topped Out ?


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Lean Hog Futures--- Lean hog futures in the February contract finished lower for the 2nd consecutive session down another 155 points at 68.95 as a possible top may have been created in this market around the 72.50 level as prices have now hit a 2 week low.

I have not traded the hog market for quite some time as prices filled the gap that was created on November 23rd around the 69.32 level as the volatility is starting to increase which is a terrific thing to see & if you take a look at the daily chart prices tried to make new highs, but was unable to crack the critical level of 72.50, as I will wait for better chart structure to develop before entering into a new short position.

Hog prices are still trading above their 20 and 100 day moving average as the trend still is to the upside as cattle prices have declined over the last month which has started to put a little pressure on hog prices as we head into the strong demand season of Christmas.

The next major level of support is at the 67.50 level which could be retested possibly this week or early next week as I'm not bearish many sectors, but hogs look interesting to the downside in my opinion so keep a close eye on this market and wait for the risk/reward to come into your favor which will not happen until at least next weeks trade.

Commodity markets today were lower across the board as this week has been very negative as I still have a bullish bias in many different sectors as we head into 2018, however the trend less markets are still upon us.

TREND: HIGHER---MIXED

CHART STRUCTURE: SOLID

VOLATILITY---INCREASING

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: mseery TWITTER---@seeryfutures

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Email: mseery@seeryfutures.com

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There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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