Hog Futures: Hogs Closed Down on Wednesday

US - August lean hogs closed down $2.02 at $124.77 Wednesday, writes analyst Jim Wyckoff for ThePigSite.
calendar icon 29 May 2014
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Prices did close near the session high and hit a two-week low today. The bulls still have the overall near-term technical advantage. However, today’s strong losses did negate a seven-week-old uptrend line 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 the contract high of $128.75.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $122.00. First resistance is seen at today’s high of $125.00 and then at $126.00. First support is seen at today’s low of $123.80 and then at $123.00. Wyckoff's Market Rating: 6.5

August live cattle closed up $0.35 at $137.10 Wednesday. Prices closed near mid-range today. The bulls still have the overall near-term technical advantage, but have faded recently, to begin to suggest a near-term market top is in place. Bulls’ next upside price objective is to push and close prices above solid resistance at $138.75.

The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at $135.75. First resistance is seen at today’s high of $137.42 and then at $138.00. First support is seen at this week’s low of $136.50 and then at $136.00. Wyckoff's Market Rating: 6.5

August feeder cattle closed up $2.07 at $195.57 Wednesday. Prices closed nearer the session high. Bulls have the solid overall near-term technical advantage. Prices are in a four-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 $197.75.

The next downside price breakout objective for the bears is to push and close prices below solid technical support at $192.82. First resistance is seen at $196.00 and then at $197.00. First support is seen at $195.00 and then at $194.00. Wyckoff's Market Rating: 8.0

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