October Lean Hogs Closed Up Thursday22 August 2014
US - October lean hogs closed up $1.25 at $93.75 Thursday.
Prices closed nearer the session high on short covering after hitting a 5.5-month low early on today.
A steep six-week-old downtrend is still in place on the daily bar chart.
Bears still have the solid near-term technical advantage. 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 $96.52.
The next downside price breakout objective for the bears is pushing prices below solid technical support at $90.00. First resistance is seen at $94.00 and then at today’s high of $95.05.
First support is seen at $93.00 and then at $92.00.
Wyckoff's Market Rating: 2.5
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