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October Lean Hogs Closed Up Thursday

22 August 2014, at 8:19am

US - October lean hogs closed up $1.25 at $93.75 Thursday.

Prices closed nearer the session high on short covering after hitting a 5.5-month low early on today.

A steep six-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 this week’s high of $96.52.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $90.00. First resistance is seen at $94.00 and then at today’s high of $95.05.

First support is seen at $93.00 and then at $92.00.

Wyckoff's Market Rating: 2.5