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Hog Futures: Lean Hogs Closed Down on Wednesday

8 May 2014, at 9:43am

US - June lean hogs closed down $2.05 at $121.17 Wednesday. Prices closed near the session low and hit a three-week low today. 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 this week’s high of $124.70. The next downside price breakout objective for the bears is pushing prices below solid technical support at $120.00. First resistance is seen at $122.00 and then at today’s high of $122.60. First support is seen at today’s low of $121.05 and then at $120.50. Wyckoff's Market Rating: 5.0

June live cattle closed down $0.72 at $137.57 Wednesday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart today. The bulls still have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $139.85. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $136.50. First resistance is seen at $138.00 and then at today’s high of $138.72. First support is seen at today’s low of $137.30 and then at $137.00. Wyckoff's Market Rating: 7.0

August feeder cattle closed down $0.57 at $190.67 Wednesday. Prices closed near the session low and scored a bearish “outside day” down on the daily bar chart today. Profit taking was featured. Bulls still have the solid overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the contract and record high of $193.47. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $187.75. First resistance is seen at $192.00 and then at today’s high of $192.87. First support is seen at this week’s low of $189.77 and then at $189.00. Wyckoff's Market Rating: 8.0