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Hog Futures: Lean Hogs Closed Up on Tuesday

28 May 2014, at 8:03am

US - August lean hogs closed up $0.05 at $127.00 Tuesday.

The bulls have the solid overall near-term technical advantage. A seven-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 $130.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $125.00. First resistance is seen at $127.50 and then at $128.00. First support is seen at $126.50 and then at $126.00. Wyckoff's Market Rating: 7.5

August live cattle closed down $0.45 at $136.67 Tuesday. Prices closed near the session low today, hit a four-week low and saw more profit more taking. The bulls still have the overall near-term technical advantage, but are now fading quickly, to begin to suggest a market top is in place. Bulls’ next upside price objective is to push and close prices above solid resistance at $138.75. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.75. First resistance is seen at today’s high of $137.30 and then at $138.00. First support is seen at $136.50 and then at $136.00. Wyckoff's Market Rating: 6.5

August feeder cattle closed up $0.87 at $193.72 Tuesday. Bulls have the overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $197.75. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $191.50. First resistance is seen at $194.00 and then at $194.85. First support is seen at $192.82 and then at $192.00. Wyckoff's Market Rating: 7.0