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

By James Quinn

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 $39.45 and $39.45 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 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.

In the past 52 weeks, Hormel Foods Crp share prices have been bracketed by a low of $34.12 and a high of $46.26 and are now at $39.45, 16% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.6%.

Hormel Foods Crp (NYSE:HRL) is currently priced 9.6% above its average consensus analyst price target of $35.67. The stock should run into initial resistance at its 200-day moving average (MA) of $41.60 and subsequent resistance at its 50-day MA of $41.80.

SmarTrend recommended that its subscribers protect gains by selling shares of Hormel Foods Crp on April 11th, 2019 by issuing a Downtrend alert when the shares were trading at $41.48. Since that call, shares of Hormel Foods Crp have fallen 4.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle hormel foods crp

Ticker(s): HRL