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Downtrend ExhaustionArchive
- 7/19/2024 -
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Hormel Foods Corp. (HRL) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the Hormel Foods Corp. (HRL). During the week, the HRL gained 0.83 points, or 2.68%, and closed at 31.79 on Friday, July 19, 2024. It was the best weekly gain since March 1, 2024. Weekly volume was -27% below average.
HRL is a member of Consumer Staples Sector. Consumer Staples is the most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 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 Channel chart pattern. The trend support level is at 25.41 and resistance is at 35.09. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern 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 36.86 on May 20, 2024. HRL gained -8.35 points, or -29.29%, in 13 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (41.89) is broken. A broken support is considered to be a long-term bearish 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 support in a medium-term trend.
 Weekly Technical Indicators: [See HRL weekly technical indicators chart]
Weekly Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with weekly strongly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is below its signal line since June 7, 2024. 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 July 8, 2024 at 29.98 and reached 32.65 on July 18, 2024. HRL gained -2.67 points, or -8.91%, in 10 days. The price is now at the 32.21% retracement level.
 Daily Technical Indicators: [See HRL daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. Use the following link to access Williams' Percentage Range help.
The daily MACD line is above its signal line since June 20, 2024. This is an indication that the short-term trend is up.
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