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Hog Futures Technical Analysis - Hog Futures Trading: 2023-05-16
Lean Hog Technical Analysis Summary
Above 89,3
Buy Stop
Below 78,3
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Lean Hog Chart Analysis
Lean Hog Technical Analysis
On the daily timeframe, LHOG: D1 is moving towards the upper boundary of a descending channel. Before opening a position, it needs to surpass the 200-day moving average line. Several technical analysis indicators have generated signals for further upward movement. We do not rule out a bullish movement if LHOG: D1 rises above its last upper fractal, the 200-day moving average line, and the upper Bollinger Band at 89.3. This level can be used as an entry point. The initial risk limit can be placed below the last lower fractal, Parabolic signal, and the lower Bollinger Band at 78.3. After opening a pending order, we move the stop-loss along with the Bollinger Band and Parabolic signals to the next fractal minimum. This way, we improve the potential profit/loss ratio in our favor. The most cautious traders may switch to the four-hour chart after executing the trade and set a stop-loss, adjusting it in the direction of the movement. If the price crosses the stop-loss level (78.3) without activating the order (89.3), we recommend canceling the order as internal changes are happening in the market that were not considered.
Fundamental Analysis of Commodities - Lean Hog
African swine fever (ASF) has been reported in a number of countries. Will LHOG quotes go up?
ASF (African Swine Fever) leads to a reduction in pig population and pork production. According to the World Organization for Animal Health (WOAH), an outbreak of ASF occurred in Indonesia in early April, with more than 35,000 pigs dying on the island of Riau. Small cases of ASF have also been reported in Eastern European countries and in Germany. Support for quotes may come from the United States Department of Agriculture (USDA) forecast for pork production. It is expected to decrease in 2024 to 27.35 billion pounds compared to 27.38 billion pounds in 2023 (USDA estimate). In 2022, the US produced approximately 27 billion pounds of pork. It is worth noting that demand for American pork is increasing quite actively. In March 2023, its exports from the US increased by 17% y/y, and for the entire first quarter - by 14% y/y.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
