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October Lean Hogs Closed up Monday

16 September 2014
Jim Wyckoff Commentary -  TheCropSite

US - October hogs closed up $0.37 at $106.07. October hogs closed higher on Monday.

Today's high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading.

Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible near-term.

If October extends the rally off August's low, the 62 per cent retracement level of the July-August's decline crossing at 107.61 is the next upside target.

Closes below the 20-day moving average crossing at 99.51 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 107.20.

Second resistance is the 62 per cent retracement level of the July-August's decline crossing at 107.61.

First support is the 10-day moving average crossing at 104.33. Second support is the 20-day moving average crossing at 99.51.

ThePigSite News Desk

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