Hog Futures Technical Analysis | Hog Futures Trading: 2017-11-24 | IFCM
IFC Markets Online CFD Broker

Hog Futures Technical Analysis - Hog Futures Trading: 2017-11-24

Higher US pork consumption and exports bullish for LHOG

US pork consumption and exports are forecast to rise. Will LHOG continue rallying?

US exports are expected to rise 3.7% in 2018 on back of strong demand in major global importers Mexico, China and Japan according to Rabobank, a leading global agriculture financing bank. US domestic demand for pork is estimated to remain strong in 2018. Strong domestic consumption and export demand for pork are bullish for lean hog prices.

LHOG

On the daily timeframe LHOG: D1 has been retracing after declining to five-week low in mid-October. It has breached above the 50-day moving average MA(50).

We believe the bullish momentum will continue after the price closes above the upper boundary of Donchian channel at 67.883. This level can be used as an entry point for placing a pending order to buy. The stop loss can be placed below the last fractal low at 63.191. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. If the price meets the stop loss level (63.191) without reaching the order (67.883), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Technical Analysis Summary

PositionBuy
Buy stopAbove 67.883
Stop lossBelow 63.191

IFCM Trading Academy - New era in Forex education
Pass Your Course:
  • Get Certificate
trading academy

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
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.

Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger