Hog Futures: June Lean Hogs Closed up Wednesday
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