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Hog Futures: October Lean Hogs Closed Down Monday

29 July 2014, at 1:49am

US - October lean hogs closed down $0.62 at $106.65 Monday. Prices closed nearer the session low and closed at a seven-week low close today.

A three-week-old downtrend is in place on the daily bar chart, to suggest a market top is in place. Bears have the near-term technical advantage.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $109.72.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $105.75. First resistance is seen at $107.00 and then at $107.50.

First support is seen at last week’s low of $106.32 and then at $105.82.

Wyckoff's Market Rating: 4.0