After grinding sideways into what looks to be a monster sized flag, hogs have finally broken higher today. The next target for July Hogs will be $83.
The weekly continuous hog chart has made quite a move. Continuous charts are calculated from the nearby month contract, so price there moves differently than a deferred daily contract such as July hogs does. It could be that a $20 move on the nearby will calculate out differently for the July contract if the spread between the two is narrowing. Hogs on the continuous chart have already rallied $10 from when I first wrote about hogs back on October 1.
I think there could still be some substantial upside left for anybody still interested in trading hogs.
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