The Greedy Trader Weekly Analysis
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Weekly Pattern:Rectangle
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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis

A rectangle chart pattern is characterized as a short-term horizontal channel, and it represents a trading range and indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark significant top and bottom. The rectangle pattern within a younger parent trend has more chances to mark a continuation. To estimate the maturity of the parent trend, consult technical indicators. Volume should increase during breakout, but in contrast with other continuation patterns, the rectangle does not inherit standard volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold daily indicators. The pattern resets short-term indicators to neutral and then continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend characterized by overbought/oversold indicators on long and short time frames. This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.

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- 3/15/2024 -
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Hormel Foods Corp. (HRL) Technical Analysis

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Summary:
Weekly :Broken trend resistance linePrice is near the Fibonacci 23.6% retracement level
Daily :The price has fallen below the Parabolic SARBullish Piercing Line CandlestickThe period of high volatility of the stock price
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It was a fourth positive week after 3 consecutive negative weeks for the Hormel Foods Corp. (HRL). During the week, the HRL climbed 0.03 points, or 0.09%, and closed at 34.14 on Friday, March 15, 2024. HRL was trading at average weekly trading volume.

Long-term trend: [See HRL long-term trend chart]
A long-term downtrend had started on April 21, 2022 at 55.11 and reached 28.51 on February 14, 2024. HRL lost 26.60 points, or 48.27%, in 94 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (29.54) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See HRL medium-term trend chart]
A medium-term uptrend had started on February 14, 2024 at 28.51 and reached 36.00 on February 29, 2024. HRL gained -7.49 points, or -26.27%, in 2 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Weekly Technical Indicators: [See HRL weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since February 16, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See HRL short-term trend chart]
A short-term uptrend had started on March 1, 2024 at 33.20 and reached 34.58 on March 11, 2024. HRL gained -1.38 points, or -4.16%, in 10 days. The price is now at the 31.88% retracement level.

Daily Technical Indicators: [See HRL daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since February 20, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The distance between the Bollinger Bands is 135.21% higher then one year average. It indicates the period of high volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Candlestick pattern: [See HRL candlestick chart pattern]
On Friday the chart has formed a Bullish Piercing Line Candlestick pattern. This pattern suggests bulls have begun to take charge of the market, and shorts have been shaken by the sudden lost of bearish momentum. The reliability of the Bullish Piercing Line pattern is moderate. Use the Technical Stock Screener to see the list of stocks that had a Bullish Piercing Line Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 68.92
Williams' Percentage Range (W%R) 34.10
Lane's Stochastic (%D-Slow) 51.79
Greed/Fear Indicator (GFI) 62.20
Moving Average Converg./Diverg. (MACD) 0.89
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 63.27
Williams' Percentage Range (W%R) 33.00
Lane's Stochastic (%D-Slow) 49.14
Greed/Fear Indicator (GFI) 57.23
Moving Average Converg./Diverg. (MACD) -1.90
Trading Signals
Description Value Chart
Upper Bollinger Band 36.89
Parabolic System 35.93
Price 34.14
Daily Stochastic Crossing 33.97
Yearly Trendline Resistance 33.12
Weekly Stochastic Crossing 32.96
20 Day Moving Average 32.53
50 Day Moving Average 31.39
Yearly Trendline Support 29.54
Lower Bollinger Band 28.81
Sector and Industry
Description Name Rank
Sector Consumer Staples 4
Industry Packaged Foods & Meats 21
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 33.20
Low Date 03/01/2024
High 34.58
High Date 03/11/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 33.20
Low Date 03/01/2024
High 34.58
High Date 03/11/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 28.51
Low Date 02/14/2024
High 36.00
High Date 02/29/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 41.73
High Date 06/16/2023
Low 28.51
Low Date 02/14/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 33.12
Support 29.54
High 55.11
High Date 04/21/2022
Low 28.51
Low Date 02/14/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.