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October Lean Hogs Closed up Tuesday

27 August 2014, at 8:32am

US - October lean hogs closed up $1.57 at $95.02 Tuesday.

Prices closed nearer the session high. More short covering in a bear market was featured. A steep seven-week-old downtrend is still in place on the daily bar chart, but now just barely.

Bears still 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 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 today’s high of $95.42 and then at $96.00. First support is seen at $94.00 and then at $93.00.

Wyckoff's Market Rating: 3.0