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Hog Futures: Lean Hogs Closed Down on Wednesday

10 July 2014, at 7:41am

US - August lean hogs closed down $0.25 at $129.60 Wednesday.

Prices closed near mid-range on profit taking. The hog bulls presently still have the overall near-term technical advantage.

Prices are still in a three-month-old uptrend on the daily bar chart, but now just barely.

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 $131.00 and then at today’s high of $131.62.

First support is seen at $129.00 and then at today’s low of $128.00. Wyckoff's Market Rating: 6.5