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Hog Futures: Lean Hogs Closed Up Wednesday

15 May 2014, at 8:28am

US - June lean hogs closed up $0.90 at $120.50 Tuesday. Prices closed nearer the session low.

The bears have the slight overall near-term technical advantage. A two-month-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 the April low of $118.55. First resistance is seen at $121.00 and then at today’s high of $122.10. First support is seen at today’s low of $119.50 and then at $119.00. Wyckoff's Market Rating: 4.5

June live cattle closed up $0.50 at $137.50 Wednesday. Prices closed nearer the session low today. The bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to push and close prices above solid resistance at this week’s high of $138.70. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $136.00. First resistance is seen at today’s high of $138.00 and then at $138.50. First support is seen at today’s low of $137.30 and then at this week’s low of $136.80. Wyckoff's Market Rating: 6.5

August feeder cattle closed up $0.77 at $192.45 Wednesday. Prices closed near the session low but did close at a contract high close today. Bulls have the solid overall near-term technical advantage. A bull flag has formed 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 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 today’s high of $192.70 and then at $193.00. First support is seen at $192.00 and then at $191.50. Wyckoff's Market Rating: 8.5