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Hog Futures: October Lean Hogs Closed Up Monday

26 August 2014, at 7:53am

US - October lean hogs closed up $0.50 at $93.37 Monday.

Prices closed near mid-range in quieter trading. Short covering in a bear market was featured. A steep seven-week-old downtrend is still in place on the daily bar chart.

Bears still 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 last week’s high of $96.52.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $90.45. First resistance is seen at $94.00 and then at $95.00.

First support is seen at today’s low of $92.75 and then at $92.00.

Wyckoff's Market Rating: 2.5