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Hog Futures: October Lean Hogs Closed Down Thursday

by 5m Editor
25 July 2014, at 9:03am

US - October lean hogs closed down $2.45 at $108.00 Thursday.

Prices gapped lower on the daily bar chart and hit a six-week low today. The hog bulls are fading badly and a three-week-old downtrend is in place on the daily bar chart, 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 $111.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $105.75.

First resistance is seen at $109.00 and then at today’s high of $109.72. First support is seen at today’s low of $107.45 and then at $107.00. Wyckoff's Market Rating: 5.0