Hog Prices Look To Fill Gap

SOURCE: Getty Images

Lean Hog Futures---Hog futures in the December contract is sharply lower this Monday afternoon in Chicago down 130 points or 2.10% at 62.25 as the entire commodity sector across-the-board is lower as there is major uncertainty about the U.S election in a couple of months sending stock prices down nearly a 1000 points.

At the current time I'm sitting on the sidelines as I had exited the bullish position around the 68.30 level as I'm waiting for the price gap on the daily chart to be filled which is slightly below the 60.00 level as prices still look expensive in my opinion.

Hog prices are trading above their 20 and 100 day moving average as prices exploded over 30% in just a matter of weeks and now there are major concerns about a possible economic slowdown as that is why you are seeing weakness across the board as well as I still think prices have another leg lower so be patient.

TREND: MIXED---HIGHER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

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