Hog Futures: Lean Hogs Closed Up on Monday

8 July 2014, at 8:54am

US - August lean hogs closed up $0.40 at $132.00 Monday.

Prices closed nearer the session low. 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 last week’s low of $129.50.

First resistance is seen at $132.50 and then at $133.00. First support is seen at today’s low of $131.65 and then at $131.00. Wyckoff's Market Rating: 8.0