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Hog Futures: August Lean Hogs Closed Down Tuesday

by 5m Editor
18 June 2014, at 7:23am

US - August lean hogs closed down $0.225 at $128.05 Tuesday.

More profit taking was seen after recent gains. The hog bulls still have the overall near-term technical advantage. However, a big down day on Wednesday would begin to suggest a market top is in place.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $132.50.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $126.00.

First resistance is seen at $129.00 and then at today’s high of $129.25. First support is seen at today’s low of $127.00 and then at $126.00. Wyckoff's Market Rating: 7.5