Not so ‘high on the hog’

All right, gang, let’s take a look at hogs. And we’re looking at June hogs. And what I want to call to your attention is this area right here. So this basically, is the beginning of May. And what do we see, on the five on the 515 and 30 year historical price averages, they all point to the downside. So knowing this little seasonal nugget, we’ll take a look at the charts weekly on the web daily on the right. And what I’m seeing here is a potential top or potential short term top now, we’ve got this key level right here, up here to the to the 120 to 125. area. And after we broke down, we’ve taken out support had quite taken out the support here. But we broke down the selling came in heart and we came back up and retested this area at 121 25. Now, as of this recording, we closed at 116 82. And it looks like we may want to press down a little bit further, I want to see some additional confirmation. You see we clearly have a head and shoulders top on the daily right here, with the neckline coming in right around this area. And of course, we have a 123 top embedded inside his head shoulder. So we’re looking at roughly a target is going to measure from the top of the head down to the low down the top of the head to the neckline and then down. That would project a potential move, as we can see to about right here at the 100 or par level. Well, what do you know where does that take us look at this takes us right that measurement takes us almost exactly to this next area where we would expect prices to react and or possibly reverse we have this whole kind of key area right here of structure where we had resistance, resistance resistance. And then we finally broke out to the upside with force now shorting commodities has been has not really been a wise tactic considering the rising cost of goods and foodstuffs due to inflation. But this setup looks pretty juicy for at least a more like a mean reversion trade coupled with high probability seasonality and technical patterns. Now we’ll be doing a free presentation on Tuesday, April 26. Spot the big money moves with this new trading strategy. We’re going to walk through the steps on how to identify hidden tracks that institutions lead now we just looked at hogs, but this works on stocks, commodities, futures, anything that can be charted and it’s a very, very powerful setup and pattern and I’m excited to share that with you. So I’m gonna hyperlink it to this page and all you got to do is click the orange button, and I look forward to seeing you