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.
calendar icon 9 September 2014
clock icon 2 minute read

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.

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