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Pig Futures: Lean Pig Closed Up on Thursday

14 March 2014, at 8:21am

US - April lean hogs closed up the $3.00 limit at $118.92 Thursday. Prices hit another contract and all-time record high today.

This market is in a parabolic stage, which suggests, from a time perspective, that a market top is close at hand. There are still very bullish cash hog market fundamentals at work, including a pig disease in the U.S. and strong consumer demand. Hog futures bulls still have the solid overall near-term technical advantage. Prices are in a very steep two-month-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 $121.92. The next downside price breakout objective for the bears is pushing prices below solid technical support at $115.00. First resistance is seen at $120.00 and then at $121.00. First support is seen at $118.00 and then at today’s low of $116.80. Wyckoff's Market Rating: 10.0

April live cattle closed down $0.32 at $143.55 Thursday. Prices closed near mid-range and saw mild profit taking. Bulls still have the overall near-term technical advantage. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at last week’s contract high of $146.65. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $141.00. First resistance is seen at today’s high of $144.00 and then at this week’s high of $144.50. First support is seen at today’s low of $143.15 and then at this week’s low of $142.70. Wyckoff's Market Rating: 7.0

May feeder cattle closed up $0.22 at $177.00 Thursday. Prices closed at another contract high close today. The feeder bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $180.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $174.00. First resistance is seen at Tuesday’s contract high of $177.15 and then at $177.50. First support is seen at this week’s low of $176.42 and then at $175.82. Wyckoff's Market Rating: 8.0