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Hog Futures: June Lean Hog Futures Closed up Tuesday

by 5m Editor
2 April 2014, at 9:56am

US - June lean hogs closed up $0.42 at $127.60 Tuesday.

The market saw a corrective bounce from sharp losses Monday, in the wake of a bearish quarterly Hogs and Pigs report last Friday.

The bulls are fading again. This market remains dangerous for both the bulls and bears.

The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last Friday’s high of $130.60.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $123.20.

First resistance is seen at $128.00 and then at today’s high of $128.65. First support is seen at today’s low of $126.40 and then at $126.00. Wyckoff's Market Rating: 6.5