Hog Futures: Lean Hogs Closed Up on Monday

US - August lean hogs closed up $1.15 at $125.95 Monday. Prices closed near the session high and scored a bullish “outside day“ up on the daily bar chart.
calendar icon 3 June 2014
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The bulls have the overall near-term technical advantage. The next upside price breakout objective for the hog bulls is to push and close prices above solid chart resistance at the contract high of $128.75. The next downside price breakout objective for the bears is pushing prices below solid technical support at $122.00. First resistance is seen at $126.50 and then at $127.00. First support is seen at $125.00 and then at $124.00. Wyckoff's Market Rating: 7.0

August live cattle closed up $0.52 at $139.12 Monday. Prices did close near the session high today. The bulls have the solid overall near-term technical advantage. However, the recent higher volatility at higher price levels is not bullish and is suggestive of a market topping process. Bulls’ next upside price objective is to push and close prices above solid resistance at the contract high of $140.82. The next downside technical breakout objective for the bears is pushing and closing prices below solid technical support at the May low of $136.50. First resistance is seen at $139.55 and then at $140.00. First support is seen at today’s low of $138.50 and then at $138.00. Wyckoff's Market Rating: 7.5

August feeder cattle closed up $0.52 at $197.57 Monday. Prices closed near the session high and closed at a fresh contract high close today. Bulls have the strong overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. The next upside price breakout objective for the feeder bulls is to push and close prices above solid technical resistance at the contract high of $197.75. The next downside price breakout objective for the bears is to push and close prices below solid technical support at $194.00. First resistance is seen at $197.75 and then at $198.00. First support is seen at today’s low of $196.85 and then at $196.00. Wyckoff's Market Rating: 8.5

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