Lean Hogs Act as a Flight to Safety?
Lean Hogs
Technicals (August): It was a risk-off day in nearly every commodity yesterday, with the exception of lean hogs. Lean hog futures were able to rally up near the 50-day moving average which we’ve listed as first resistance. That finished yesterday’s session at 106.90. Just above that is trendline resistance from the March 31st high, that comes in near 107.50. If the Bulls can find enough follow-through today to chew through that resistance pocket, we could see an extension towards 110.
Resistance: 106.90-107.50****, 110.075-110.225***, 111.30***
Pivot: 103.00-103.95
Support: 101.30-101.60**, 98.00-98.65****
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