Hog Futures: August Lean Hogs Closed Down Monday

US - August lean hogs closed down $0.12 at $129.02 Monday.
calendar icon 24 June 2014
clock icon 2 minute read

Mild profit taking was seen after recent gains. The hog bulls still have the overall near-term technical advantage.

However, a bearish diamond patter has formed on the daily bar chart, to hint that a market top is in place.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $132.65.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $126.07.

First resistance is seen at today’s high of $129.67 and then at $130.00.

First support is seen at today’s low of $128.52 and then at $128.00. Wyckoff's Market Rating: 7.0

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