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Hog Futures: Lean Pig Closed Up on Wednesday

17 April 2014, at 8:06am

US - June lean hogs closed up $1.17 at $123.70 Wednesday. Prices closed nearer the session high.

The bulls have regained the slight near-term technical advantage but prices are still in a four-week-old downtrend 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 $126.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $120.00. First resistance is seen at this week’s high of $124.65 and then at $125.00. First support is seen at today’s low of $122.25 and then at $121.70. Wyckoff's Market Rating: 5.5.

June live cattle closed up $0.20 at $135.62 Tuesday. Prices closed nearer the session high in quieter trading today. The live cattle futures bulls have the slight near-term technical advantage amid choppy trading recently. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at last week’s high of $136.30. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $134.42. First resistance is seen at $135.90 and then at $136.30. First support is seen at this week’s low of $135.05 and then at $134.42. Wyckoff's Market Rating: 5.5

May feeder cattle closed up $0.12 at $179.90 Wednesday. Prices hit a contract high Monday. Bulls still have the solid overall near-term technical advantage. Prices are in a 4.5-month-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $182.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week’s low of $177.75. First resistance is seen at the contract high of $180.45 and then at $181.00. First support is seen at this week’s low of $179.30 and then at $179.00. Wyckoff's Market Rating: 7.5