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October Lean Hogs Closed Down on Thursday

19 September 2014
Jim Wyckoff Commentary -  TheCropSite

US - October hogs closed down $2.12 at $102.97. October hogs closed lower on Thursday.

Today's low-range close sets the stage for a steady to lower opening when Friday's night session begins trading.

Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term.

Closes below the 20-day moving average crossing at 101.14 would confirm that a short-term top has been posted.

If October resumes 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.

First resistance is today'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 reaction low crossing at 104.45. Second support is the 20-day moving average crossing at 101.14.

ThePigSite News Desk

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