Hog Futures: August Lean Hogs Closed Down Tuesday
US - August lean hogs closed down $0.225 at $128.05 Tuesday.More profit taking was seen after recent gains. The hog bulls still have the overall near-term technical advantage. However, a big down day on Wednesday would begin to suggest 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 $132.50.
The next downside price breakout objective for the bears is pushing prices below solid technical support at $126.00.
First resistance is seen at $129.00 and then at today’s high of $129.25. First support is seen at today’s low of $127.00 and then at $126.00. Wyckoff's Market Rating: 7.5