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Hog Futures: Lean Hogs Closed Up on Thursday

06 June 2014

US - August lean hogs closed up $0.40 at $128.20 Thursday. Prices closed near the session high.

Prices are near the recent record high. The bulls have the solid overall near-term technical advantage. 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 this week’s low of $123.85. First resistance is seen at $128.75 and then at $129.00. First support is seen at $126.75 and then at $126.00. Wyckoff's Market Rating: 8.0

August live cattle closed up $1.17 at $141.35 Thursday. Prices closed near the session high and hit a fresh contract high today. The bulls have the strong overall near-term technical advantage and gained fresh upside momentum today, for another leg up in prices. Bulls’ next upside price objective is to push and close prices above solid resistance at $142.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at this week’s low of $138.50. First resistance is seen at today’s contract high of $141.35 and then at $142.00. First support is seen at $140.82 and then at $140.00. Wyckoff's Market Rating: 9.0

August feeder cattle closed up $1.05 at $199.82 Thursday. Prices hit another fresh contract and record high 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 $201.00. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $197.00. First resistance is seen at today’s contract high of $199.85 and then at $200.00. First support is seen at $199.00 and then at $198.00. Wyckoff's Market Rating: 9.0

 

ThePigSite News Desk



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