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Hogs Caught Between 61.8% Fibonacci Retracements, ADM Analysis

ONE44 Analytics - Sun Sep 24, 2023

Lean Hogs

(HEZ23) 

The December contract has been caught between 61.8% retracements that has happened on 6/27/23, 8/24/23, 9/20/23 and is now approaching a 61.8% Fibonacci retracement again at 71.65. This is what our Premium Members recieved last week.

December
December has been caught between 61.8% retracements. The June high was just short of it at 78.55 (61.8%) and the 72.28 major Gann square, the setback from there held 61.8% back to the 5/26/23 low at 71.40 in August. The rally from it just hit 61.8% back to the contract high at 78.55.

Use 78.55 as the swing point for the week.

Above it, look for 78.6% back to the contract high at 81.60, this is also a major Gann square.

Below it, look for it to complete the 61.8% to 61.8% move at 71.65. On an extended move down, look for 78.6% back to the 5/26/23 low at 69.62, this is also a major Gann square.

Now,

Provided it holds the 71.65 area, look for a 61.8% retracement once again. The wide swings are not uncommon when it hits 61.8% levels as this Video explains.

We have a new video that covers the update to ADM, T-Notes and NASDAQ 100 that we have posted on Barchart and ONE44 Analytics websites.

(ADM) 

Here is the LINK

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.

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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.