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

By Nick Russo

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 $42.38 and $42.81 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.

Based on a current price of $42.76, Hormel Foods Crp is currently 16.6% above its average consensus analyst price target of $35.67. Hormel Foods Crp shares have support at the 50-day moving average (MA) of $42.09 and additional support at the 200-day MA of $41.69.

Hormel Foods Crp share prices have moved between a 52-week high of $46.26 and a 52-week low of $37.00 and closed yesterday at 16% above that low price at $42.76 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.

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