October Lean Hogs Closed up Wednsday

28 August 2014, at 7:17am

US - October lean hogs closed up $0.80 at $95.90 Wednesday.

Prices closed near mid-range and hit a two-week high. More short covering in a bear market was featured.

A steep seven-week-old downtrend on the daily bar chart was at least temporarily negated today. Bears still have the overall near-term technical advantage.

The next upside price objective for the hog bulls is to push and close prices above solid chart resistance at $98.00.

The next downside price breakout objective for the bears is pushing prices below solid technical support at last week’s low of $90.45. First resistance is seen at $96.50 and then at $97.17.

First support is seen at $95.00 and then at today’s low of $94.60.

Wyckoff's Market Rating: 3.0