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Hogs Reverse Course At 61.8% And The 109.10 Major Gann Square![]() Lean Hogs (HEM24) The high on 4/10/24 hit not only 61.8% (107.70) on the June continuation chart, but the 109.10 major Gann square. We had warned our Premium Members that a trade above 107.70 that hit the 109.10 major Gann square and then closed back below could cause a sharp setback. In just 3 trading days it is $7.00 so far. We are looking for more on the downside. Below is our latest update for June Hogs. On the chart you can see all the Fibonacci retracements that held as well as the major Gann squares.
June 4/8/24
There was one close above 107.70 (61.8%), it then traded above the 109.10 major Gann square and closed well below 107.70. As mentioned by doing this we think it can have a sharp selloff, however we will be watching all the retracements to see just how weak, or strong the market is.
Use 107.70 as the swing point for the week again.
We have done 39 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. ![]() ONE44 Analytics where the analysis is concise and to the point Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares. If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member. You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines. Sign up for our Free newsletter here. FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Commission Rule 4.41(b)(1)(I) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. Past performance is not necessarily indicative of future results.
On the date of publication, Nick Ehrenberg did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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