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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Hormel Foods Crp (NYSE:HRL) based on the price action in the company's shares. Today's price range of $46.14 and $46.78 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. Owners of Hormel Foods Crp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Hormel Foods Crp (NYSE:HRL) is currently priced 22.8% above its average consensus analyst price target of $35.67. The stock should find initial support at its 50-day moving average (MA) of $45.58 and further support at its 200-day MA of $43.33.

Over the past year, Hormel Foods Crp has traded in a range of $37.00 to $51.53 and is now at $46.18, 25% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Hormel Foods Crp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Hormel Foods Crp in search of a potential trend change.

Keywords: bearish inside day candle hormel foods crp

Ticker(s): HRL