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Hog Futures: Lean Hogs Closed Up on Thursday

20 June 2014, at 7:21am

US - July hogs closed up $2.62 at $128.05. July hogs gapped up and closed higher on Thursday thereby renewing this month's rally.

Today's high-range close sets the stage for a steady to higher opening when Friday's night session begins trading.

Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term.

If July extends this month's rally, May's high crossing at 128.30 is the next upside target. Closes below the 20-day moving average crossing at 123.92 would confirm that a short-term top has been posted.

Multiple closes above May's high would also confirm an upside breakout of this spring's ascending triangle thereby renewing the rally off last year's low. First resistance is today's high crossing at 128.10. Second resistance is May's high crossing at 128.30.

First support is the 20-day moving average crossing at 123.92. Second support is June's low crossing at 119.60.