Hog Futures: August Lean Hogs Closed up Monday

US - August lean hogs closed up $0.80 at $130.10 Monday.
calendar icon 10 June 2014
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Prices closed near the session high and hit a fresh contract high. Strong cash market fundamentals continue to fuel this bull market run.

Higher cattle market prices are also bullish for hogs. The bulls have the solid overall near-term technical advantage.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $131.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $126.75.

First resistance is seen at today’s contract high of $130.10 and then at $130.50. First support is seen at today’s low of $129.40 and then at $129.00. Wyckoff's Market Rating: 8.5

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