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Hog Futures: October Lean Hogs Closed Up on Wednesday

14 August 2014, at 8:14am

US - October lean hogs closed up $0.22 at $97.40 Wednesday.

Prices closed nearer the session high after hitting a five-month low early on today.Short covering was featured.

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 $99.12. First support is seen at $97.00 and then at today’s low of $96.05.

Wyckoff's Market Rating: 3.0