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Hog Futures: Lean Hogs Closed Up on Wednesday

22 May 2014, at 8:53am

US - June lean hogs closed up $1.32 at $119.92 Wednesday. Prices closed nearer the session high and saw short covering and perceived bargain hunting.

The bears still have the slight overall near-term technical advantage. A nine-week-old downtrend line is still 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 $120.10 and then at $121.00. First support is seen at $119.00 and then at this week’s low of $118.47. Wyckoff's Market Rating: 4.5

June live cattle closed down $0.475 at $138.27 Wednesday. Prices closed nearer the session low today and saw profit more taking from recent gains. The bulls still have the overall near-term technical advantage. More selling pressure this week would begin to suggest a bearish double-top reversal pattern has formed on the daily bar chart. 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 the May low of $136.75. First resistance is seen at today’s high of $139.05 and then at the contract high of $139.85. First support is seen at $138.00 and then at $137.50. Wyckoff's Market Rating: 7.0

August feeder cattle closed up $0.60 at $196.52 Wednesday. Prices closed near the session low but did close at a fresh contract high close today. Bulls have the solid 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 $198.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $193.47. First resistance is seen at today’s high of $197.25 and then at the contract high of $197.75. First support is seen at $196.00 and then at this week’s low of $195.60. Wyckoff's Market Rating: 8.5