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

By Shiri Gupta

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 $41.62 and $42.33 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.

Hormel Foods Crp share prices have moved between a 52-week high of $46.26 and a 52-week low of $36.25 and are now trading 16% above that low price at $42.23 per share. 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 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.

Hormel Foods Crp (NYSE:HRL) is currently priced 15.5% above its average consensus analyst price target of $35.67. The stock should discover initial support at its 200-day moving average (MA) of $42.10 and subsequent support at its 50-day MA of $41.23.

SmarTrend recommended that subscribers consider buying shares of Hormel Foods Crp on June 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $41.39. Since that recommendation, shares of Hormel Foods Crp have risen 3.8%. We continue to monitor HRL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle hormel foods crp

Ticker(s): HRL