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October Lean Hogs Closed up Wednesday

11 September 2014, at 8:14am

US - October lean hogs closed up $1.42 at $107.20 Wednesday.

Prices closed near the session high and hit a six-week high today. Bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $108.50.

The next downside price breakout objective for the bears is pushing prices below solid technical support at this week’s low of $102.80.

First resistance is seen at $107.50 and then at $108.00. First support is seen at $106.00 and then at today’s low of $105.20.

Wyckoff's Market Rating: 6.5