If the monthly 200 holds as macro support, we could see a retrace bounce back to meet the monthly 12ema which is descending from 56.75.
If there's an entry here for me, it won't be before a confirmed hourly trend change.
Monthly RSI is attempting a bounce just ahead of fully oversold conditions.
Since an ATH of $55.11 in April of 2022, HRL has declined -47%.
HRL has never been priced below its monthly 200MA.
If HRL produces positive ERs on Thursday 2/29, it could be set up for a solid technical bounce from its monthly 200MA.
Monthly oversold RSI... If monthly 200 support ultimately fails, I'll be watching the yearly S1 pivot area as next possible support.
This attaches to my two previous charts. Final leg down in the three drives pattern would resolve just near the top of the pre-covid peak from Feb, 2020. 3397.50
Good luck, All.
- D
If you plug in a Fib retrace with the top at the peak immediately preceding the covid crash, We are -11.31% from covid stimmy never having happened at all.
LUMN +ERs (11/4) gave this a boost over W200 and Yearly R1 (YR1) resistance levels. Bulls want to see those levels become support as it approaches a weekly golden cross attempt.
W50 @ $12.61 for S1
Yearly Pivot @ $11.11 for S2.
$17.33 for .786 Fib.
Please feel free to leave comments and let me know what you think.
Thanks and GL to All!
