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Hog Futures: June Lean Hogs Closed Down Tuesday

by 5m Editor
21 May 2014, at 10:09am

US - June lean hogs closed down $0.77 at $118.60 Tuesday.

Prices closed near the session low and hit a nearly three-month low today. The bears have the overall near-term technical advantage.

A nine-week-old downtrend line is in place 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 $123.00.

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

First resistance is seen at today’s high of $119.40 and then at $120.00. First support is seen at $118.00 and then at $117.50. Wyckoff's Market Rating: 4.0