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Hog Futures: Lean Hogs Closed Up on Monday

8 April 2014, at 8:28am

US - June lean hogs closed up $1.12 at $121.67 Monday.

Prices closed near the session high on a corrective bounce after hitting a four-week low early on today. The bulls have faded to better suggest a major market top is in place. Prices are 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 $125.00. The next downside price breakout objective for the bears is pushing prices below solid technical support at $116.00. First resistance is seen at $122.50 and then at $123.00. First support is seen at $121.00 and then at today’s low of $119.95. Wyckoff's Market Rating: 5.0

June live cattle closed up $0.15 at $134.95 Monday. Prices closed near the session high today after hitting a five-week low early on. The U.S. boxed beef prices dropped sharply Friday, to suggest the cash market has topped out. The live cattle futures bulls have lost their overall near-term technical advantage. A four-month-old uptrend on the daily bar chart has been negated. Bulls’ next upside price “breakout” objective is to push and close prices above solid resistance at $136.50. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $133.50. First resistance is seen at $135.50 and then at $136.00. First support is seen at today’s low of $134.42 and then at $134.00. Wyckoff's Market Rating: 5.0

May feeder cattle closed up $0.32 at $178.85 Monday. Prices closed near the session high today. Bulls have the solid overall near-term technical advantage. Prices are in a 4.5-month-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $180.30. The next downside price breakout objective for the bears is to push and close prices below solid technical support at last week’s low of $176.62. First resistance is seen at $179.00 and then at $179.50. First support is seen at today’s low of $177.75 and then at $177.00. Wyckoff's Market Rating: 7.5