HRL runs into sellers around 37.20 for the third day in a row


Hormel Foods Corp. (HRL) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
HRL runs into sellers around 37.20 for the third day in a row
HRL finds buyers at key support level
HRL still stuck within tight trading range
HRL closes within previous day's range after lackluster session
HRL ends the day indecisive
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

HRL ended the week 0.19% higher at 37.09 after losing $0.03 (-0.08%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for HRL
Volatility

Friday's trading range was $0.38 (1.02%), that's below last trading month's daily average range of $0.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 36.78 and 37.37 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 36.82 during the day, the market bounced off the key support level at 36.96. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 37.29. The stock ran into sellers again today around 37.20 for the third trading day in a row after having found sellers at 37.27 in the prior session and at 37.27 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 37.37 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 36.78 where further sell stops could get triggered. With prices trading close to this year's high at 37.78, upside momentum might accelerate should Hormel Foods be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Hormel Foods Corp.
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
52 Week High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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