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Hog Futures: October Lean Hogs Closed Down on Tuesday

20 August 2014, at 8:02am

US - October lean hogs closed down $0.575 at $94.525 Tuesday.

Prices closed near the session low and closed at a 5.5-month low close today. A steep six-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 $92.00. First resistance is seen at $95.00 and then at $96.00.

First support is seen at $94.30 and then at this week’s low of $93.25.

Wyckoff's Market Rating: 2.5