HRL breaks below previous session low
Hormel Foods Corp. (HRL) Technical Analysis Report for Sep 14, 2018
HRL ended the week 1.48% higher at 41.90 after losing $0.28 (-0.66%) today on low volume. Closing below Thursday's low at 41.91, Hormel Foods confirms its breakout through the previous session's low having traded $0.20 below it intraday.
Friday's trading range was $0.51 (1.21%), that's below last trading month's daily average range of $0.72. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
Prices are trading close to the key resistance level at 42.29. After having been unable to move above 42.29 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 42.22.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 42.29 where further buy stops might get activated.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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