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Possible Bearish Inside Day Candle Pattern Detected for Hormel Foods Crp (NYSE:HRL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hormel Foods Crp (NYSE:HRL) based on the price action in the company's shares. Today's price range of $41.35 and $41.39 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Hormel Foods Crp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Hormel Foods Crp share prices have been bracketed by a low of $35.35 and a high of $46.26 and are now at $41.35, 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Hormel Foods Crp (NYSE:HRL) is currently priced 13.7% above its average consensus analyst price target of $35.67. Hormel Foods Crp shares should encounter resistance at the 200-day moving average (MA) of $42.03 and support at the 50-day MA of $40.27.

Hormel Foods Corporation manufactures and markets consumer-branded meat and food products. The Company processes meat and poultry products and produces a variety of prepared foods. Hormel markets its products around the world under a variety of branded names.

SmarTrend is tracking the current trend status for Hormel Foods Crp and will alert subscribers who have HRL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle hormel foods crp

Ticker(s): HRL