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

By Shiri Gupta

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 $33.35 and $33.61 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 Crp has overhead space with shares priced $33.50, or 5.3% below the average consensus analyst price target of $35.36. The stock should run into initial resistance at its 200-day moving average (MA) of $38.41 and subsequent resistance at its 50-day MA of $41.76.

In the past 52 weeks, shares of Hormel Foods Crp have traded between a low of $29.75 and a high of $40.00 and closed yesterday at $33.50, which is 13% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 0.9%.

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