HRL closes within prior day's range after lackluster session
Hormel Foods Corporation (HRL) Technical Analysis Report for Jul 27, 2020 | by Techniquant Editorial Team
HRL finished Monday at 50.55 gaining $0.28 (0.56%) on low volume, slightly underperforming the S&P 500 (0.74%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (HRL as at Jul 27, 2020):
Monday's trading range has been $0.47 (0.93%), that's far below the last trading month's daily average range of $0.87. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HRL.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 50.23 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 51.09 where further buy stops might get activated. With prices trading close to this year's high at 51.53, upside momentum could speed up should the stock be able to break out to new highs for the year.