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Hog Futures: Lean Hogs Closed Down on Thursday

25 April 2014, at 8:01am

US - June lean hogs closed down $0.70 at $125.55 Thursday.

Prices hit a fresh three-week high and then backed off on profit taking. The bulls still have the near-term technical advantage. 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 $129.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at this week’s low of $121.50. First resistance is seen at $126.00 and then at $127.00. First support is seen at $125.00 and then at $124.50. Wyckoff's Market Rating: 6.0

June live cattle closed up $0.75 at $135.85 Wednesday. Prices closed near the session high on more short covering. A three-week-old downtrend on the daily bar chart was negated today. Bulls and bears are on a level near-term technical playing field. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $136.30. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $133.95. First resistance is seen at this week’s high of $136.05 and then at $136.30. First support is seen at $135.40 and then at $135.00. Wyckoff's Market Rating: 5.0

August feeder cattle closed up $1.60 at $184.05 Thursday. Prices closed near the session high and hit another fresh contract high. 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 $185.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at this week’s low of $180.95. First resistance is seen at today’s contract high of $184.07 and then at $185.50. First support is seen at $183.50 and then at today’s low of $183.00. Wyckoff's Market Rating: 8.5