Hog Futures: June Lean Hogs Closed Down Thursday

by 5m Editor
16 May 2014, at 8:41am

US - June lean hogs closed down $1.15 at $119.42 Thursday.

Prices closed near mid-range. The bears have the overall near-term technical advantage. A two-month-old downtrend line is still 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 $120.00 and then at $120.50. First support is seen at the May low of $118.75 and then at $118.55. Wyckoff's Market Rating: 4.0