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Hog Futures: October Lean Hogs Closed Up Monday

19 August 2014, at 7:43am

US - October lean hogs closed up $0.15 at $95.10 Monday.

Prices closed nearer the session high on tepid short covering after hitting a 5.5-month low early on 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 today’s high of $95.50 and then at $96.00. First support is seen at $94.30 and then at today’s low of $93.25.

Wyckoff's Market Rating: 2.5