Continuous Hogs- Weekly: The chart is led by the February contract. The shaded areas represent the previous 5 years of price action the Feb contract had acting as the lead month of their represented year.
The parallel lines formed from multi pivots areas (swing highs or swing lows). Current cash contracts (Dec and now Feb) had consolidated on the down trending parallel in the 65.00 area with a recent attempt to break out above.
The neutral area (Gray box) has resistance at 70.80 and support at 61.00. **Attempt last week to break above fell short**
Opportunity area, or area of strength (Blue Box), is between 70.80 and 80.00 Risk area (Red Box) from 61.00 to 47.00
The parallel lines formed from multi pivots areas (swing highs or swing lows). Current cash contracts (Dec and now Feb) had consolidated on the down trending parallel in the 65.00 area with a recent attempt to break out above.
The neutral area (Gray box) has resistance at 70.80 and support at 61.00. **Attempt last week to break above fell short**
Opportunity area, or area of strength (Blue Box), is between 70.80 and 80.00 Risk area (Red Box) from 61.00 to 47.00
