December Hogs broke out to the downside of a “wedging pattern”.
If this market does not rebound immediately, it has likely begun a larger seasonal slide.
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December Hogs broke out to the downside of a “wedging pattern”. If this market does not rebound immediately, it has likely begun a larger seasonal slide.
November Feeder Cattle appear to have taken decisive action this week, breaking the previous summer and spring lows. The market may pause just below recently broken support for a few days or weeks but in all likely hood is headed lower over time.
Next targets are likely in the mid to high 80 [...] November beans have broken trend line support and appear to be headed for a test of the summer lows near 8.80. This is typically how meltdowns starts! If summer lows are broken it would open the door for a target of $8.00 or less.
The candlestick chart shows a more defined area of weekly support being broken. This is not healthy if its closes on the low end of the weeks trade. |
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