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Hog Futures: October Lean Hogs up on Wednesday

7 August 2014, at 7:35am

US - October lean hogs closed up $0.57 at $102.25 Wednesday.

Prices closed near mid-range and did hit a 3.5-month low early on today.

Short covering in a bear market was featured. A steep four-week-old downtrend is still 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 $105.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $100.00. First resistance is seen at $102.50 and then at $103.00.

First support is seen at today’s low of $101.20 and then at $101.00.

Wyckoff's Market Rating: 3.5