Hog Futures: June Lean Hogs Closed up Tuesday23 April 2014
US - June lean hogs closed up $0.95 at $123.30 Tuesday.
Prices closed nearer the session high. The bulls have the near-term technical advantage.
However, a six-week-old downtrend is in place on the daily bar chart. Look for more high volatility in this market in the near term.
The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at last week’s high of $125.45.
The next downside price breakout objective for the bears is pushing prices below solid technical support at $120.00.
First resistance is seen at $124.00 and then at $125.00. First support is seen at $122.00 and then at today’s low of $121.50. Wyckoff's Market Rating: 6.0ThePigSite News Desk
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