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Hog Futures: Lean Hogs Closed Lower on Wednesday

1 May 2014, at 7:25am

US - June lean hogs closed down $2.15 at $123.12 Wednesday.

Prices closed near mid-range. The bulls have lost their near-term technical advantage. A three-week-old uptrend on the daily bar chart was negated today. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $127.50. The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $121.50. First resistance is seen at today’s high of $123.60 and then at $124.00. First support is seen at today’s low of $122.50 and then at $122.00. Wyckoff's Market Rating: 5.0

June live cattle closed up $0.17 at $137.20 Wednesday. Prices closed near mid-range and did hit a fresh four-week high today. The bulls have the near-term technical advantage. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $138.00. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.25. First resistance is seen at today’s high of $137.72 and then at $138.00. First support is seen at this week’s low of $136.50 and then at $136.00. Wyckoff's Market Rating: 6.0

August feeder cattle closed up $0.92 at $187.47 Wednesday. Prices closed nearer the session high and scored another fresh contract high. Bulls have the solid overall near-term technical advantage. However, the market is still well over-extended and due for at least a good corrective pullback soon. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $190.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at this week’s low of $184.50. First resistance is seen at today’s contract high of $187.75 and then at $188.00. First support is seen at today’s low of $186.50 and then at $186.00. Wyckoff's Market Rating: 9.0