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

By Shiri Gupta

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 $37.94 and $38.22 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.

In the past 52 weeks, Hormel Foods share prices have been bracketed by a low of $27.38 and a high of $80.78 and are now at $38.06, 39% above that low price. The 200-day and 50-day moving averages have moved 0.50% higher and 0.9% lower over the past week, respectively.

Potential upside of 93.7% exists for Hormel Foods, based on a current level of $38.06 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 6.7%. 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