Hormel Foods (HRL) Slides, Here’s The Trade

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Apr 27, 2020 at 1:04 PM EDT

HRL stock is now testing it’s 50-day moving average. This is near term support for the stock, but a better and stronger level should be lower around the $42.50 area.

Leading food company, Hormel Foods Corp (HRL), has been declining since April 20, 2020. At that time, the stock traded as high as $50.83 a share. Today, HRL stock is trading lower by 0.75 cents to $45.86 a share. Traders should note that HRL stock is now testing it’s 50-day moving average. This is near term support for the stock, but a better and stronger level should be lower around the $42.50 area. This key support area was where the stock broke out on March 26, 2020. Often, when stocks retest prior break-out levels they will find major institutional sponsorship. I’ll be keeping this stock on my radar when it trades down to this important level.

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