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Hog Futures: Lean Hogs Closed Down on Thursday

11 July 2014, at 7:34am

US - August lean hogs closed down $1.50 at $128.12 Thursday.

Prices closed nearer the session low and hit a three-week low today on more profit taking and weak long liquidation.

The hog bulls presently still have the overall near-term technical advantage but are fading. A three-month-old uptrend on the daily bar chart was negated today. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $133.37.

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 $130.00. First support is seen at today’s low of $127.12 and then at $126.50. Wyckoff's Market Rating: 6.0