Hog Futures: Lean Hogs Closed Down on Tuesday

9 July 2014, at 8:39am

US - August lean hogs closed down $1.75 at $130.10 Tuesday.

Prices closed nearer the session low on profit taking. The hog bulls presently still have the overall near-term technical advantage. Prices are still in a three-month-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 the contract high of $133.37.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $128.00.

First resistance is seen at $131.00 and then at $132.00. First support is seen at today’s low of $129.60 and then at $129.00. Wyckoff's Market Rating: 7.0