Prices closed near the session high on short covering today. A steep four-week-old downtrend is still in place on the daily bar chart.

Bears still 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 $96.00.

First resistance is seen at $101.00 and then at $101.32. First support is seen at $99.00 and then at today’s low of $98.30.

Wyckoff's Market Rating: 3.0