We have seen downgrades on Barrick Gold (ABX) for years. Many keep looking lower and lower, with som...
Set-up Emerges on Lean Hog Futures
12/02/2011 9:00 am EST
Lean hog futures rallied this week on Wednesday for a second consecutive trading session.
This move higher gives me a buy signal for December lean hogs on the daily chart. This is the first buy signal the hogs have given since the trend changed to the upside on the daily chart last week. On the daily, weekly, and monthly charts, their respective 50-period simple moving averages (SMAs) are all pointing up. The trend is up on the monthly chart.
On the fundamental news side, China announced that it is shifting to an easier monetary policy and analysts speculate that China may import more US pork ahead of the lunar holidays in late January, adding fuel to the bullish fire. Also projected is a tighter supply coming into the holidays and the beginning of 2012, which is expected to support a trend higher.
The hogs appear to be at the bottom of a support area with the next major resistance around the 90.7 level.
By Larry Baer of Zaner Group
Disclaimer: Futures, options, and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.
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