February lean hog futures prices on Monday hit a fresh nearly four-month high of $80.50 per hundredweight as the hog market bulls have regained fresh upside near-term technical momentum. Futures prices are in a choppy, nine-week-old uptrend on the daily bar chart. The next upside price objective for the rejuvenated hog market bulls is producing a close in February futures above strong chart resistance at the contract high of $81.35, scored in September of last year. On the downside, the bears would gain fresh near-term technical strength by pushing and closing February futures prices below strong chart support at last week’s low of $77.25. Near-term technical resistance for February hogs is located at $80.00, at Tuesday’s high of $80.35, at this week’s high of $80.50 and then at $81.00. Near-term chart support is seen at $79.50, at $79.00, at $78.65, at $78.40 and then at $78.00. Stay tuned!–Jim Wyckoff
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