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Hormel Foods Set to Possibly Pullback After Yesterday's Rally of 1.32%

By James Quinn

Hormel Foods (NYSE:HRL) traded in a range yesterday that spanned from a low of $34.20 to a high of $34.63. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $34.58 on volume of 1.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 $34.61, 26% 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.

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 16.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Hormel Foods

Ticker(s): HRL