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Hog Futures: June Lean Hogs Closed Down Monday

by 5m Editor
22 April 2014, at 9:19am

US - June lean hogs closed down $2.40 at $122.42 Monday.

Prices closed near the session low on profit taking from recent gains and ideas this week’s cash market fundamentals may weaken.

The bulls still have the slight near-term technical advantage. However, a five-week-old downtrend is in place on the daily bar chart.

Look for more high volatility in this market in the near term. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $125.45.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $120.00.

First resistance is seen at $123.00 and then at $124.00. First support is seen at $122.00 and then at $121.00. Wyckoff's Market Rating: 5.5