Hog Futures: August Lean Hogs Closed Down Tuesday02 July 2014
US - August lean hogs closed down $2.42 at $130.40 Tuesday.
Prices hit a contract high today and then reversed course to close sharply lower and score a bearish “outside day” down on the daily bar chart.
If there is follow-through selling pressure on Wednesday then a bearish “key reversal” down on the daily bar chart would be confirmed, which would be an early technical clues that a market top is in place.
But right now the hog bulls still have the solid overall near-term technical advantage. Prices are in an 11-week-old uptrend on the daily bar chart.
The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at today’s contract high of $133.37.
The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $127.67.
First resistance is seen at $131.00 and then at $132.00. First support is seen at today’s low of $129.90 and then at $129.00. Wyckoff's Market Rating: 7.0ThePigSite News Desk
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