TRADES FOR THURSDAY:
Buy July hogs. Buy 88.35 stop. Protective stop 84.45. Potential projection 96.00. (Potential risk $1560. Potential reward $3060). Margin: $2420.
Reasons for the Trade:
1. On the monthly chart hogs have been in an uptrend since the Oct. 2016 low. They are in the process of a second wave up.
2. On the monthly chart hogs broke out of a consolidation under 85.00 in March. The recent selloff appears to be a test of that breakout that is holding.
3. On the weekly chart the selloff that started in mid-April has had a 61.8% retracement of the previous rally and is holding.
4. On the weekly chart hogs are forming a reversal bottom.
5. On the daily chart hogs held at their 200 avg. support both yesterday and today.
6. On the daily chart they closed back over their 100 avg. that is above the 200 avg. today That is positive.
7. On the daily chart the recent selloff met projections.
I haven't seen any thing on hogs by Judy for some time so I posted her suggestion!
Dewey