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Jim Wyckoff: USDA Shutdown Favours Bearish Camp

by 5m Editor
11 October 2013, at 6:06am

US - December lean hogs closed up $0.12 at $86.65 Thursday. Prices closed nearer the session high on a tepid bounce from big losses Thursday.

The bulls still have the near-term technical advantage, but have faded.

The lack of cash hog and pork product news due to the USDA shutdown has futures traders uneasy and that does favor the bearish camp.

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 last week's low of $85.85.

First resistance is seen at $87.00 and then at $87.50. First support is seen at today's low of $86.00 and then at $85.85. Wyckoff's Market Rating: 6.5