Are lean hogs ready to go “hog wild?”

Market Pulse: January 14

Last week February 2013 Lean Hogs opened at $86.150 and closed at $84.200. The ride up started back in September 2012. 

On the daily chart we see ADX at 18.2 reflecting a weak trend, but ADX numbers are rising. DI Differential is well below 5.00. MACD is bearish crossing down below the zero on the histogram and adding divergence from below the signal line and Stochastics are in deep oversold territory, so technically watch for a correction up. For bear price action we will need to see a break below $84 and a retest of $83.

On the weekly chart we see ADX dropping to 44 telling us that the previous very strong uptrend has weakened, but this is still a strong trending market. The strong uptrend started mid-September as the price action rose above $75.000. 

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