Hog Futures: October Lean Hogs Closed Down Wednesday24 July 2014
US - October lean hogs closed down the $3.00 limit at $110.45 Wednesday.
Prices hit a four-week low today. The hog bulls are fading and a three-week-old downtrend is in place on the daily bar chart, to suggest a market top is in place.
The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at this week’s high of $114.10.
The next downside price breakout objective for the bears is pushing prices below solid technical support at $109.00.
First resistance is seen at $111.00 and then at $112.00. First support is seen at $110.00 and then at $109.50. Wyckoff's Market Rating: 5.5ThePigSite News Desk
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