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Wyckoff's Closing Report: Hog Futures Higher

14 February 2014, at 1:20am

US - April hogs closed up $0.55 at $94.93. April hog closed higher on Thursday and the mid-range close sets the stage for a steady opening when Friday's night session begins trading.

Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near.
Closes below the 20-day moving average crossing at 93.73 are needed to confirm that a short-term top has been posted.

If April extends the rally off January's low, October's high crossing at 96.45 is the next upside target. First resistance is today's high crossing at 95.40.

Second resistance is October's high crossing at 96.45. First support is the 20-day moving average crossing at 93.73. Second support is the reaction low crossing at 91.60.