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Jim Wyckoff's Closing Comments: Lean Hogs Close Higher

11 February 2014, at 1:40am

US - April lean hogs closed up $0.02 at $94.75 Monday. Prices closed nearer the session high.

Prices are hovering near a three-month high. Bulls still have upside near-term technical momentum and have the overall near-term technical advantage.

Prices are in a four-week-old uptrend on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $96.45, scored in October.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $92.80.

First resistance is seen at last week’s high of $95.20 and then at $96.00. First support is seen at today’s low of $94.45 $93.95. Wyckoff's Market Rating: 7.0