HRL long due to following setups
1) Daily oversold with RSI about 40
2) Weekly support retest after the breakout in Nov
3) Daily horizontal support
4) Support from Gapfill right below
5) Printed a hammer on Friday (ofcourse needs a confirmation tomorrow)
Everything above bodes well for higher prices. Can go long with a stop under under $34.
AUSTIN, Minn. (AP) _ Hormel Foods Corp. (HRL) on Thursday reported fiscal third-quarter earnings of $182.5 million.
On a per-share basis, the Austin, Minnesota-based company said it had profit of 34 cents.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 37 cents...
Hormel Foods saw 10x daily average call volume today. 4,880 July 35 calls traded .30 - .35 vs OI of 1,970. Weekly chart shows support has held, and daily chart gives easy stop under 33.5 with upside target over 35 for those July calls to pay.
Have bounce momentum once near the resistance line.
The drop caused by major competitor Tyson's lower than expected earning growth. Actually, this company will report its own earnings tomorrow, it stands a high chance it can archeive its target.
$HRL falling wedge forming on daily. Former H&S neckline serving as resistance.
Expecting a pullback into wedge support (demand), then a move north through resistance (supply) to upside.
Short ----> then Long
Of course, the 1ST buy entry would be the best case scenario with a R/R Ration of 3.75 . Anything under the $38.19 line I don't trust because it will be breaking 3 kinds of support .
As for my 2ND buy entry, I don't think I would take the risk BUT it's an option.
HRL has struggled to comfortably clear the $50 half figure zone. It is not a great trending stock - it has been a little erratic in the past, despite its overall uptrend since the low of 2000.
The November 2014 to February 2015 consolidation tested $50 time and again - even though this zone had already been retested through August - October 2014.
More recently...
