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Hog Futures: June Lean Hogs Closed Down Tuesday

by 5m Editor
9 April 2014, at 9:58am

US - June lean hogs closed down $2.92 at $118.75 Tuesday.

Prices closed near the session low and hit another four-week low today.

The bears now have the near-term technical advantage as prices are in a three-week-old downtrend 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 this week’s high of $121.75.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $116.00.

First resistance is seen at $119.50 and then at $120.00. First support is seen at today’s low of $118.67 and then at $118.00. Wyckoff's Market Rating: 4.0