After Yesterday's Rally of 2.16% Shares Could Potentially Pullback
Hormel Foods (NYSE:HRL) traded in a range yesterday that spanned from a low of $36.70 to a high of $37.45. Yesterday, the shares gained 2.2%, which took the trading range above the 3-day high of $37.11 on volume of 1.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Hormel Foods has traded in a range of $27.38 to $80.78 and is now at $37.34, 36% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has risen 0.5%.
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 9.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders Hormel Foods