Hog Futures: June Lean Hogs Closed up Wednesday

by 5m Editor
10 April 2014, at 9:03am

US - June lean hogs closed up the $3.00 limit at $121.75 Wednesday.

Prices early on hit another four-week low. The bulls and bears are now back on a level near-term technical playing field but prices are still in a three-week-old downtrend on the daily bar chart.

The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at $123.20.

The next downside price breakout objective for the bears is pushing prices below solid technical support at today’s low of $118.55.

First resistance is seen at $122.50 and then at $123.20. First support is seen at $121.00 and then at $120.00. Wyckoff's Market Rating: 5.0