HRL - consumption industry
Last month it released very positive financial statements.
A clear level of resistance at each interval is at 44
The stock is on a major upward trend.
RSI is not oversold, OBV is still low. also, note that the stock is trying to cross the upper bollinger strap.
Following it for breaking the 44 level after I see a confirmation candle...
Applying some of the most popular indicators on the pair HRL/HSY shows an interesting pattern. While HSY has been clearly outperforming HRL since December 2018, a trend reversal seems to occur. HRL might catch up in the coming days and weeks.
Hormel has went through a nice correction since September and is due another ralley. Waiting for the RSI to be above 50, %R to come above undersold, and MACD to signal. I would do a October Put Credit Spread at 38/39 or if the momentum picks up, go outright with a 70 Delta Call 60 Days out.
Hormel why do you make such good mash potatoes! yum.... anyways, HRL is a bullish stock that has clearly broke the downward channel shown on the chart. This stock has momentum and looks to retest the highs. Buy this for "easy" 8% return. I like to buy this type of trade after having loser position. It boost my morale and these small winners add up on a growing...
An intraday high potential, Back Tested Long Analysis.
We ll try to enter into the correction of the downtrend movement tracking trend oscillators as below:
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice...
HRL long due to following setups
1) Daily oversold with RSI about 40
2) Weekly support retest after the breakout in Nov
3) Daily horizontal support
4) Support from Gapfill right below
5) Printed a hammer on Friday (ofcourse needs a confirmation tomorrow)
Everything above bodes well for higher prices. Can go long with a stop under under $34.
AUSTIN, Minn. (AP) _ Hormel Foods Corp. (HRL) on Thursday reported fiscal third-quarter earnings of $182.5 million.
On a per-share basis, the Austin, Minnesota-based company said it had profit of 34 cents.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 37 cents...
Hormel Foods saw 10x daily average call volume today. 4,880 July 35 calls traded .30 - .35 vs OI of 1,970. Weekly chart shows support has held, and daily chart gives easy stop under 33.5 with upside target over 35 for those July calls to pay.
Have bounce momentum once near the resistance line.
The drop caused by major competitor Tyson's lower than expected earning growth. Actually, this company will report its own earnings tomorrow, it stands a high chance it can archeive its target.