October Lean Hogs Closed Down Monday
US - October hogs closed down $2.55 at $103.07. October hogs closed sharply lower on Monday as it consolidated some of the rally off August's low.Today's low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading.
Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term.
If October extends the rally off August's low, the 62 per cent retracement level of the July-August's decline crossing at 107.61 is the next upside target.
Closes below the 20-day moving average crossing at 97.21 would confirm that a short-term top has been posted.
First resistance is today's high crossing at 105.90. Second resistance is the 62 per cent retracement level of the July-August's decline crossing at 107.61.
First support is the 20-day moving average crossing at 97.21. Second support is August's low crossing at 90.60.