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Hog Futures: June Lean Hogs Closed Down Monday

by 5m Editor
29 April 2014, at 11:03am

US - June lean hogs closed down $0.30 at $124.22 Monday.

Prices closed near mid-range. The bulls have the slight near-term technical advantage. A three-week-old uptrend line is still in place on the daily bar chart.

Look for more 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 $127.50.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $121.50.

First resistance is seen at today’s high of $125.20 and then at $126.00. First support is seen at today’s low of $123.10 and then at $122.50. Wyckoff's Market Rating: 5.5