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Hog Futures: Lean Hogs Closed Up on Monday

15 July 2014, at 8:48am

US - August lean hogs closed up $1.80 at $130.47 Monday.

Prices closed nearer the session high and saw a corrective bounce from recent selling pressure. The hog bulls presently still have the overall near-term technical advantage have faded recently.

A three-month-old uptrend on the daily bar chart has been negated 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 $133.37.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $126.62.

First resistance is seen at today’s high of $131.22 and then at $132.00. First support is seen at $130.00 and then at today’s low of $129.22. Wyckoff's Market Rating: 6.5