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Hog Futures: October Lean Hogs Closed Down on Tuesday

6 August 2014, at 10:57am

US - October lean hogs closed down $2.10 at $101.52 Tuesday.

Prices closed nearer the session low and hit a 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 $105.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $100.00. First resistance is seen at $102.00 and then at $102.50. First support is seen at today’s low of $101.22 and then at $101.00.

Wyckoff's Market Rating: 3.0