Hog Futures: Lean Hogs Closed Up on Wednesday24 April 2014
US - June lean hogs closed up the $3.00 limit at $126.25 Wednesday.
Prices hit a fresh three-week high. The bulls have the near-term technical advantage. A six-week-old downtrend on the daily bar chart was negated today. 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 $129.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at this week’s low of $121.50. First resistance is seen at $127.00 and then at $127.50. First support is seen at $126.00 and then at $125.00. Wyckoff's Market Rating: 6.5
June live cattle closed up $0.12 at $135.10 Wednesday. Prices closed near the session high. More tepid short covering was featured after prices hit a seven-week low on Monday. A three-week-old downtrend is still in place on the daily bar chart. Bulls and bears are presently on a level near-term technical playing field. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $136.30. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $133.00. First resistance is seen at $135.50 and then at this week’s high of $136.00. First support is seen at today’s low of $134.37 and then at this week’s low of $133.95. Wyckoff's Market Rating: 5.0
August feeder cattle closed up $0.17 at $182.45 Wednesday. Prices closed nearer the session high in quieter trading. Bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $185.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $180.00. First resistance is seen at Tuesday’s contract high of $183.00 and then at $183.50. First support is seen at $182.00 and then at $181.50. Wyckoff's Market Rating: 8.0ThePigSite News Desk
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