LEANHOGS closes lower for the 2nd day in a row


Lean Hogs (LEANHOGS) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team

Highlights

LEANHOGS tanks -1.79% on high volume
LEANHOGS breaks back below 50-day moving average
LEANHOGS closes lower for the 2nd day in a row
LEANHOGS breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, LEANHOGS ended the week 1.24% higher at 67.375 after tanking $1.225 (-1.79%) today on high volume. This is the biggest single-day loss in over three weeks. The last time we've seen such an unusually strong single-day loss on November 26, 2018, LEANHOGS lost -1.10% on the following trading day. Closing below Thursday's low at 67.825, the contract confirmed its breakout through the previous session low after trading up to $0.675 below it intraday.

Daily Candlestick Chart (LEANHOGS as at Jan 11, 2019):

Daily technical analysis candlestick chart for Lean Hogs (LEANHOGS) as at Jan 11, 2019

Friday's trading range has been $1.275 (1.87%), that's slightly below the last trading month's daily average range of $1.386. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LEANHOGS.

One bearish candlestick pattern matches today's price action, the Black Candle.

Hogs closed back below the 50-day moving average at 68.515.

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Buying might speed up should prices move above the close-by swing high at 68.950 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 65.975 where further sell stops could get triggered. Further selling might move prices lower should the market test December's close-by low at 64.925.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Down Move" stand out. Its common bearish interpretation has been confirmed for Lean Hogs. Out of 216 times, LEANHOGS closed lower 57.41% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.93% with an average market move of -0.44%.

With one of the other Meat and Livestock Commodity Markets closing higher and one closing lower today, the winners of the day are LIVECATTLE surging 0.3%. On the flipside the worst performer has been FEEDCATTLE closing -0.1% lower. Read more


Market Conditions for LEANHOGS as at Jan 11, 2019

Loading Market Conditions for LEANHOGS (Lean Hogs)...
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