Home / Forex & Currency Exchange News / Lean Hogs: Technical Analysis – Higher US pork consumption and exports bullish

Lean Hogs: Technical Analysis – Higher US pork consumption and exports bullish

By IFCMarkets

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 position: the market has undergone internal changes which were not taken into account.

Technical Analysis Summary

Position Buy
Buy stop Above 67.883
Stop loss Below 63.191

Market Analysis provided by IFCMarkets

Click Here For Original Source Of The Article

About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

Check Also

EUR/USD Drops After Release of Solid US Economic Reports

EUR/USD Drops After Release of Solid US Economic Reports

EUR/USD dropped today as almost all reports released in the United States over the trading session were good. The signs that the voting for the final version of the US tax reform bill may happen as soon as the next week also drove the currency pair down.

Retail sales rose 0.8% in November, exceeding the median …

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php