Jim Wyckoff: October Lean Hogs Closed Down on Wednesday

31 July 2014, at 8:56am

US - October lean hogs closed down $2.27 at $103.80 Wednesday.

Prices closed nearer the session low and hit a three-month low today. A steep three-week-old downtrend is in place on the daily bar chart.

Bears have the near-term technical advantage and gained more downside momentum today. The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at this week’s high of $108.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at $101.00. First resistance is seen at $105.00 and then at $106.00. First support is seen at today’s low of $103.07 and then at $102.50.

Wyckoff's Market Rating: 3.0