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Hog Futures: October Lean Hogs Closed Down on Thursday

8 August 2014, at 6:49pm

US - October lean hogs closed down $1.70 at $100.55 Thursday.

Prices closed near mid-range and hit another 3.5-month low today. A steep four-week-old downtrend is in place on the daily bar chart.

Bears have the firm near-term technical advantage. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $103.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $98.00. First resistance is seen at $101.00 and then at $102.00. First support is seen at $100.00 and then at today’s low of $99.20.

Wyckoff's Market Rating: 3.0