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Jim Wyckoff: Shutdown Results in Lack of Cash Hog, Pork Product News

by 5m Editor
16 October 2013, at 6:53am

US - December lean hogs closed up $1.45 at $87.80 Tuesday. Prices closed nearer the session high.

The bulls have the solid near-term technical advantage and regained upside momentum Tuesday. There is still a lack of cash hog and pork product news due to the USDA shutdown.

The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $88.90.

The next downside price breakout objective for the bears is pushing prices below solid technical support at the October low of $85.85. First resistance is seen at Tuesday's high of
$88.10 and then at last week's high of $88.40.

First support is seen at $86.00 and then at Tuesday's low of $86.27. Wyckoff's Market Rating: 7.0