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October Lean Hogs Closed Down Wednesday

18 September 2014, at 9:04am

US - October hogs closed down $1.77 at $105.10. October hogs closed lower on Wednesday.

Today's low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading.

Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the 62 per cent retracement level of the July-August's decline crossing at 107.61 is the next upside target.

Closes below the 20-day moving average crossing at 100.62 would confirm that a short-term top has been posted.

First resistance is today's high crossing at 107.20. Second resistance is the 62 per cent retracement level of the July-August's decline crossing at 107.61.

First support is the 10-day moving average crossing at 105.43. Second support is the 20-day moving average crossing at 100.62.