Technical Special: CME lean hog bulls have power

The lean hog futures have recently gained solid upside near-term technical momentum and are looking for more on the upside in the near term.

Chicago Mercantile Exchange December lean hog futures last week gapped higher on the daily bar chart and hit a fresh three-month high of 57.65 cents a pound. Prices are presently in a 10-week-old uptrend on the daily bar chart, from the mid-August lows.

Overhead chart resistance for December hogs is located at last week's high of 57.85, 58.00 and then at 58.35 cents.

Technical support is located at 56.00, 55.550 and then at 55.00 cents.

It would take a close in December lean hog futures below solid technical support at 54.00 cents to provide the bears with fresh downside technical momentum to suggest that a near-term market top is in place.