Prices closed nearer the session low and hit a four-week low today. The bears have gained the slight near-term technical advantage.

A seven-week-old downtrend line is in place 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 $123.00.

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

First resistance is seen at today’s high of $120.60 and then at $121.00. First support is seen at today’s low of $119.92 and then at $119.50. Wyckoff's Market Rating: 4.5