Thursday, September 2, 2021 12:11 PM EST
Leading food products stock, Hormel Foods Corp (HRL), is coming under some heavy selling pressure after reporting earnings. The company lowered fiscal year 2021 EPS guidance. They also cited inflationary pressures in all areas of the business. This news has the stock trading lower by 4.7% to $43.50 a share. Hormel Foods (HRL) stock is now trading in a down-trend on the daily chart. The stock has also fallen below its important 50 and 200-day moving averages which puts the stock in a weak technical position.
The next major support level for Hormel Foods (HRL) stock will be around the $40.00 level. This major support area is where the stock broke out to the upside in March 2020. That past breakout occurred with very heavy upside volume and that level has not been tested yet. This makes this $40.00 area extremely strong support when tested.
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 ...
more
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.
less
How did you like this article? Let us know so we can better customize your reading experience.
Crushed is an understatement!
