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Hog Futures: Lean Hogs Closed Up on Tuesday

4 June 2014, at 7:20am

US - August lean hogs closed up $1.70 at $127.65 Tuesday. Prices closed near the session high and are right back near the recent record highs.

The bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $128.75. The next downside price breakout objective for the bears is pushing prices below solid technical support at this week’s low of $123.85. First resistance is seen at $128.00 and then at $128.75. First support is seen at today’s low of $127.00 and then at $126.00. Wyckoff's Market Rating: 8.0

August live cattle closed up $0.95 at $140.07 Tuesday. Prices closed near mid-range and hit a two-week high today. The bulls have the solid overall near-term technical advantage. However, the recent higher volatility at higher price levels is not bullish and is suggestive of a market topping process. Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $140.82. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $138.50. First resistance is seen at today’s high of $140.40 and then at $140.82. First support is seen at today’s low of $139.60 and then at $139.00. Wyckoff's Market Rating: 8.0

August feeder cattle closed up $0.72 at $198.30 Tuesday. Prices closed near the session high and hit a fresh contract high today. Bulls have the strong 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 $200.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $195.00. First resistance is seen at today’s contract high of $198.50 and then at $199.00. First support is seen at today’s low of $197.50 and then at $197.00. Wyckoff's Market Rating: 9.0