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October Lean Hogs Closed up Wednesday

17 September 2014, at 8:04am

US - October hogs closed up $0.80 at $106.87. October hogs closed higher on Tuesday.

On the 17 September high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading.

Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term. If October extends therally 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 100.10 would confirm that a short-term top has been posted.

First resistance is last Wednesday'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 105.03. Second support is the 20-day moving average crossing at 100.10.