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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hormel Foods (NYSE:HRL) based on the price action in the company's shares. Today's price range of $36.50 and $36.79 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. Traders and investors interested in shares of Hormel Foods 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.

Over the past year, Hormel Foods has traded in a range of $27.38 to $80.78 and is now at $36.50, 33% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has declined 0.9%.

Potential upside of 102.0% exists for Hormel Foods, based on a current level of $36.50 and analysts' average consensus price target of $73.71. Hormel Foods shares should first meet resistance at the 200-day moving average (MA) of $38.41 and find additional resistance at the 50-day MA of $41.76.

SmarTrend recommended that its subscribers protect gains by selling shares of Hormel Foods on February 1st, 2016 by issuing a Downtrend alert when the shares were trading at $40.64. Since that call, shares of Hormel Foods have fallen 10.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Hormel Foods

Ticker(s): HRL