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Wyckoff's Closing Report: Hog Futures Lower

16 April 2014, at 1:42am

US - June lean hogs closed down $0.12 at $122.52 Tuesday. Prices closed nearer the session low.

The bulls and bears are still on a level near-term technical playing field but prices are still in a four-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 $125.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at the April low of $118.55. First resistance is seen at $123.20 and then at $124.00.

First support is seen at today’s low of $121.70 and then at $121.00. Wyckoff's Market Rating: 5.0