HRL rises to highest close ever
Hormel Foods Corporation (HRL) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, HRL ended the week 3.16% higher at 48.58 after edging higher $0.13 (0.27%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 48.58 marks the highest recorded closing price ever. Closing above Thursday's high at 48.48, Hormel Foods confirmed its breakout through the prior session high after trading up to $0.38 above it intraday.
Daily Candlestick Chart (HRL as at Feb 14, 2020):
Friday's trading range has been $0.46 (0.95%), that's below the last trading month's daily average range of $0.66. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HRL.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 47.32.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Hormel Foods. Out of 15 times, HRL closed higher 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 66.67% with an average market move of -0.17%.