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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hormel Foods Crp (NYSE:HRL) based on the price action in the company's shares. Yesterday's price range of $41.13 and $41.48 is within the prior day'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. Traders and investors interested in shares of Hormel Foods Crp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 $36.25 and a high of $46.26 and closed yesterday at $41.39, 14% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

Hormel Foods Crp (NYSE:HRL) is currently priced 13.8% 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 $42.15 and support at the 50-day MA of $41.25.

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: bullish am inside day candle hormel foods crp

Ticker(s): HRL