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Hog Futures: October Lean Hogs Closed Down on Thursday

15 August 2014, at 8:36am

US - October lean hogs closed down $1.95 at $95.50 Thursday.

Prices closed near mid-range after trading limit down earlier in the session and hitting a 5.5-month low today.

A steep five-week-old downtrend is in place on the daily bar chart. Bears have the solid near-term technical advantage.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $98.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $93.00. First resistance is seen at today’s high of $96.20 and then at $97.00.

First support is seen at today’s low of $94.40 and then at $94.00.

Wyckoff's Market Rating: 2.5