Tuesday, November 24, 2020 12:02 PM EDT
Earlier today, leading food products company, Hormel Foods Corp (HRL) reported earnings that failed to impress Wall Street. The popular food products stock is trading lower by $2.03 to $48.00 a share. Traders and investors should note that Hormel Foods (HRL) stock has now fallen below it’s important 200-day moving average. This puts the stock in a weak technical position on the charts and often indicates lower prices ahead for the shares.
Traders and investors should now watch the $46.00 level for major chart support. This key support area is where the stock formed a weekly chart base from April 2020 to June 2020 before breaking out to new all time highs. It is also a major retrace level from the March 2020 lows to the August 2020 highs. This combination of support should lead to a solid risk / reward long trade setup.
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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