Hog Futures: Lean Hogs Closed Up on Thursday30 May 2014
US - August lean hogs closed up $0.12 at $124.90 Thursday. Prices closed near the session high and saw consolidation after big losses Wednesday.
The bulls still have the overall near-term technical advantage. However, Wednesday’s strong losses did negate a seven-week-old uptrend line 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 the contract high of $128.75. The next downside price breakout objective for the bears is pushing prices below solid technical support at $122.00. First resistance is seen at $125.00 and then at $126.00. First support is seen at this week’s low of $123.80 and then at $123.00. Wyckoff's Market Rating: 6.5
August live cattle closed up $1.80 at $138.90 Thursday. Prices did close nearer the session low today. The bulls have the solid overall near-term technical advantage and regained upside momentum today. Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $140.82. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $136.50. First resistance is seen at today’s high of $139.55 and then at $140.00. First support is seen at today’s low of $138.60 and then at $138.00. Wyckoff's Market Rating: 7.5
August feeder cattle closed up $1.50 at $197.07 Thursday. Prices closed at a fresh contract high close today. Bulls have the strong 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 the contract high of $197.75. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $193.50. First resistance is seen at $197.75 and then at $198.00. First support is seen at $196.00 and then at $195.00. Wyckoff's Market Rating: 8.5ThePigSite News Desk
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