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Wyckoff's Closing Hog Market: Hogs Close Higher Thursday

18 April 2014, at 11:32pm

ANALYSIS - June CME lean hogs closed up $1.12 at $124.90 Thursday. Prices closed nearer the session high, hit a two-week high and closed at a bullish weekly high close today.

The bulls have the near-term technical advantage. 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 $128.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $120.00. First resistance is seen at today’s high of $125.45 and then at $126.00. First support is seen at $124.00 and then at today’s low of $123.05. Wyckoff's Market Rating: 6.0

CME May corn futures closed down 4 cents at $4.93 1/2 Thursday. Prices closed near the session low today, closed at a two-week low close and closed at a bearish weekly low close. Corn prices are still in a 13-week-old uptrend on the daily bar chart but the bulls need to show fresh power soon to keep it. Corn bulls still have the overall near-term technical advantage. Corn bulls' next upside price objective is to push and close prices above solid technical resistance at this week’s high of $5.13. The next downside price breakout objective for the bears is pushing and closing prices below solid support at $4.85. First resistance for May corn is seen at $5.00 and then at $5.05. First support is seen at today’s low of $4.93 1/4 and then at $4.90. Wyckoff's Market Rating: 6.0

May soybeans closed down 8 cents at $15.10 3/4 a bushel Thursday. Prices closed nearer the session low on profit taking after hitting another fresh contract high early on. The soybean bulls still have the solid overall near-term technical advantage. Prices are in an 11-week-old uptrend on the daily bar chart. The next near-term upside technical breakout objective for the soybean bulls is pushing and closing prices above solid technical resistance at $15.50 a bushel. The next downside price breakout objective for the bears is pushing prices below solid technical support at $14.60. First resistance is seen at $15.22 3/4 and then at today’s contract high of $15.31 3/4. First support is seen at $15.00 and then at $14.90 Wyckoff's Market Rating: 8.0.

May soybean meal closed down $2.80 at $488.20 Thursday. Prices closed nearer the session low on profit taking after hitting another contract high early on. Strong follow-through selling pressure on Monday would confirm a bearish “key reversal” down on the daily bar chart, which would then be an early clue that a market top is in place. But right now the soybean meal bulls have the solid overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at $500.00. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $472.00. First resistance comes in at $490.90 and then at today’s contract high of $495.90. First support is seen at today’s low of $484.60 and then at $482.50. Wyckoff's Market Rating: 8.0

May bean oil closed down 30 points at 43.41 cents Thursday. Prices closed near mid-range and saw profit taking from recent solid gains. The bean oil bulls still have the near-term technical advantage. A steep three-week-old uptrend is in place on the daily bar chart. The next upside price breakout objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the March high of 45.05 cents. Bean oil bears' next downside technical price breakout objective is pushing and closing prices below solid technical support at this week’s low of 42.04 cents. First resistance is seen at this week’s high of 43.74 cents and then at 44.00 cents. First support is seen at today’s low of 43.20 cents and then at 43.00 cents. Wyckoff's Market Rating: 6.5

May Chicago SRW wheat closed up 2 3/4 cents at $6.90 3/4 Thursday. Prices closed nearer the session low today. The wheat bulls have the slight overall near-term technical advantage amid choppy trading. Wheat bulls’ next upside breakout objective is to push and close Chicago SRW prices above solid technical resistance at the March high of $7.23 1/2 a bushel. The next downside price breakout objective for the wheat futures bears is pushing and closing prices below solid technical support at last week’s low of $6.56 1/4. First resistance is seen at $7.00 and then at this week’s high of $7.11. First support lies at $6.84 and then at $6.73 3/4. Wyckoff's Market Rating: 5.5.

May HRW wheat closed up 3 1/4 cents at $7.57 3/4 Thursday. Prices closed nearer the session low. The wheat bulls have the slight near-term technical advantage. Bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the March high of $7.99. The bears' next downside breakout objective is pushing and closing prices below solid technical support at last week’s low of $7.17. First resistance is seen at $7.66 1/2 and then at this week’s high of $7.74 1/2. First support is seen at $7.50 and then at $7.40. Wyckoff's Market Rating: 5.5

May oats closed down 1 1/4 cents at $4.03 3/4 Thursday. Prices closed nearer the session low. Bulls and bears are presently on a level near-term technical playing field. Bears' next downside price breakout objective is pushing and closing prices below solid technical support at the March low of $3.86. Bulls' next upside price breakout objective is pushing and closing prices above solid technical resistance at $4.25. First support lies at $4.00 and then at this week’s low of $3.95. First resistance is seen at $4.05 and then at $4.09. Wyckoff's Market Rating: 5.0

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