Hog Futures: Lean Hog Market Hit Two-week Low

by 5m Editor
27 March 2014, at 9:27am

US - June lean hogs closed up $1.15 at $126.35 Wednesday.

The market hit a two-week low and then turned around to score a bullish “outside day” up on the daily bar chart. It is still my bias the air is coming out of this market. A bearish “island top” reversal pattern formed on the daily bar chart after Tuesday’s gap-lower trade.

The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $130.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at today’s low of $123.20.

First resistance is seen at today’s high of $127.00 and then at $127.80. First support is seen at $125.20 and then at $124.00. Wyckoff's Market Rating: 7.0