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Hog Futures: Lean Hogs Closed Down on Tuesday

26 March 2014, at 8:55am

US - June lean hogs closed down the $3.00 limit at $125.20 Tuesday.

The market saw more heavy profit taking. The air is finally coming out of this market. Hog futures bulls still have the overall near-term technical advantage, but are now fading. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $130.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $122.50. First resistance is seen at today’s high of $126.50 and then at $127.80. First support is seen at $125.00 and then at $124.00. Wyckoff's Market Rating: 6.5

June live cattle closed down $0.02 at $136.40 Tuesday. Prices closed near mid-range today. The bulls have the overall near-term technical advantage as prices are still in a four-month-old uptrend on the daily bar chart. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at the contract high of $138.75. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $134.00. First resistance is seen at today’s high of $137.10 and then at $137.50. First support is seen at $136.00 and then at last week’s low of $135.30. Wyckoff's Market Rating: 6.5

May feeder cattle closed up $0.52 at $178.10 Tuesday. Prices closed near the session high. Last week’s bearish “key reversal” down on the daily bar chart is becoming a moot point with this week’s upside price action. The feeder bulls have the solid 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 feeder bulls is to push and close prices above solid technical resistance at the contract high of $179.25. The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week’s low of $175.85. First resistance is seen at $178.60 and then at $179.00. First support is seen at $177.60 and then at $177.00. Wyckoff's Market Rating: 7.5