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Hog Futures: August Lean Hogs Closed Down Wednesday

03 July 2014
Jim Wyckoff Commentary -  TheCropSite

US - August lean hogs closed down $0.225 at $130.20 Wednesday.

Prices closed nearer the session low. There was follow-through selling pressure Wednesday and a bearish “key reversal” down was confirmed on the daily bar chart, which is an early technical clue that a market top is in place.

But right now the hog bulls still have the overall near-term technical advantage. Prices are still 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 Tuesday’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 today’s high of $131.47. First support is seen at today’s low of $129.50 and then at $129.00. Wyckoff's Market Rating: 7.0

ThePigSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

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