Hog Futures: Lean Hogs Closed Down on Tuesday

30 July 2014, at 7:48am

US - October lean hogs closed down $0.60 at $106.02 Tuesday.

Prices closed near mid-range and hit a two-month low today.

A steep three-week-old downtrend is in place on the daily bar chart, to suggest a market top is in place.

Bears have the near-term technical advantage. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $109.72.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $104.00.

First resistance is seen at today’s high of $106.57 and then at $107.00. First support is seen at today’s low of $105.17 and then at $104.50.

Wyckoff's Market Rating: 4.0