Hog Futures: Hogs Closed Down on Thursday23 May 2014
US - June lean hogs closed down $2.27 at $117.65 Thursday. Prices closed near the session low and hit a nearly three-month low today.
The bears have the overall near-term technical advantage and gained downside momentum today. A nine-week-old downtrend line is in place on the daily bar chart. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at this week’s high of $120.10. The next downside price breakout objective for the bears is pushing prices below solid technical support at $116.00. First resistance is seen at $118.00 and then at $118.50. First support is seen at $117.50 and then at $117.00. Wyckoff's Market Rating: 3.5
June live cattle closed down $0.475 at $137.80 Thursday. Prices closed nearer the session low today and saw more profit more taking from recent gains. The bulls still have the overall near-term technical advantage. More selling pressure Friday would begin to suggest a bearish double-top reversal pattern has formed on the daily bar chart. Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $139.85. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $136.75. First resistance is seen at today’s high of $138.40 and then at $139.05. First support is seen at today’s low of $137.60 and then at $137.00. Wyckoff's Market Rating: 7.0
August feeder cattle closed down $0.52 at $196.00 Thursday. Bulls still have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at $198.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $193.47. First resistance is seen at $197.25 and then at the contract high of $197.75. First support is seen at $195.00 and then at $194.00. Wyckoff's Market Rating: 8.0ThePigSite News Desk
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