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Hog Futures: June Lean Hogs Closed up Tuesday

by 5m Editor
7 May 2014, at 10:47am

US - June lean hogs closed up $0.87 at $123.22 Tuesday.

Prices closed nearer the session low. The bulls and bears are on a level near-term technical playing field. However, a six-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 $127.50.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $121.50.

First resistance is seen at $124.00 and then at today’s high of $124.70. First support is seen at $123.00 and then at $122.50. Wyckoff's Market Rating: 5.0