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Lean Hogs (April)
April lean hogs retreated today, ending the 5-session win streak. Prices pulled back to our first support pocket, which we defined in yesterday’s report as 56.50-56.825. This pocket represents the gap from Friday’s close to Monday’s open, it also contains other previously important price points. If the bulls can defend this pocket in the back half of the week, they will be in good position for next week’s trade. First resistance comes in from 57.875-58.60, a conviction close above here takes us back to the 60 handle.
Resistance: 57.875-58.60**, 60.35***
Support: 56.50-56.825***, 52.25-52.75****
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