Hog Futures: August Lean Hogs Closed Down Wednesday

by 5m Editor
3 July 2014, at 7:50am

US - August lean hogs closed down $0.225 at $130.20 Wednesday.

Prices closed nearer the session low. There was follow-through selling pressure Wednesday and a bearish “key reversal” down was confirmed on the daily bar chart, which is an early technical clue that a market top is in place.

But right now the hog bulls still have the overall near-term technical advantage. Prices are still in an 11-week-old uptrend on the daily bar chart.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at Tuesday’s contract high of $133.37.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $127.67.

First resistance is seen at $131.00 and then at today’s high of $131.47. First support is seen at today’s low of $129.50 and then at $129.00. Wyckoff's Market Rating: 7.0