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Hog Futures: October Lean Hogs Closed Down on Tuesday

13 August 2014, at 8:33am

US - October lean hogs closed down the $3.00 limit at $97.17 Tuesday.

Prices hit a four-month low today. A steep five-week-old down trend 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 $100.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $95.00. First resistance is seen at $98.00 and then at today’s high of $99.12.

First support is seen at $97.00 and then at $96.00.

Wyckoff's Market Rating: 3.0