October lean hog futures a selling opportunity on more price weakness.
See on the daily bar chart for September lean hog futures that prices have backed well down from the recent high, including producing a bearish weekly low close last Friday and seeing follow-through selling pressure on Monday. A bearish double-top reversal pattern has now formed on the daily bar chart. A move below chart support at Monday’s low of $84.20 would become a fresh selling opportunity in October lean hogs. The downside price objective would be $80.50 or below. Technical resistance, for which to place a protective buy stop just above, is located at $86.00.
