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South Central Iowa | Sat, I looked at the market.
This was just a market order by a large player. The chart was showing a great deal of weakness. On 2/8 it failed to break the high from 6/13 of 72.700. It set back and formed on the 15 minute chart a double top, then a triple top that broke slightly but failed and sold off of that. It broke the descending 1/3 line from the daily chart and then closed on the ascending 2/3 at 10:45. The next second it broke under the 2/3 line of a speed resistance pattern that has been extant since 11/11. A large player in hogs sold 1,000 contracts or so because of this. The reason there is a pause in your chart is probably because he cleaned out the bid sheet. That is a lot of orders in hogs in a short time.
First chart is the Daily and the second is the 15 minute. Notice in the 15 how we gapped over the 2/3 line again? This is normal trade Sat. It was just a big short order on the backside of a downslope; which is a trading technique many people use. Hard to say if this was a profit taking or a position setting thing, but I would lean to profit taking since it was such a blunt order.
 (HogDailyFeb15.png)
 (Hog15minFeb15.png)
Attachments
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 HogDailyFeb15.png (84KB - 69 downloads)
Hog15minFeb15.png (91KB - 62 downloads)
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