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April hogs closed up $0.08 at $84.98.
April hogs closed slightly higher on Wednesday as it extends the rally off January's low. The high-range close sets the stage for a steady to slightly higher opening when Thursday's day 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 April extends the rally off January's low the 75% retracement level of the 2023-2024 decline crossing at $86.63 is the next upside target. Closes below the 20-day moving average crossing at $79.37 would signal that a short-term top has been posted. First resistance is the 75% retracement level of the 2023-2024 decline crossing at $86.63. Second resistance is last-June's high crossing at $89.03. First support is the 10-day moving average crossing at $81.57. Second support is the 20-day moving average crossing at $79.37.
April cattle closed down $0.83-cents at $180.93.
April cattle posted an inside day with a lower close on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought add are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $176.83 would signal that a short-term top has been posted. If April extends the rally off December's low, the 62% retracement level of the September-December decline crossing at $186.71 is the next upside target. First resistance is the 50% retracement level of the September-December decline crossing at $182.62. Second resistance is the 62% retracement level of the September-December decline crossing at $186.71. First support is the 10-day moving average crossing at $179.44. Second support is the 20-day moving average crossing at $176.83.
March Feeder cattle closed down $0.75 at $240.58.
March Feeder cattle closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening when Thursday's day 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 March extends the rally off December's low, the 62% retracement level of the September-December decline crossing at $247.44 is the next upside target. Closes below the 20-day moving average crossing at $231.41 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the September-December decline crossing at $240.38. Second resistance is the 62% retracement level of the September-December decline crossing at $247.44. First support is the 10-day moving average crossing at $236.16. Second support the 20-day moving average crossing at $231.41.