Hormel Foods Corporation processes, markets, and sells
consumer-branded meat and food products. The Grocery Products segment
offers shelf-stable food products, including canned luncheon meats,
shelf-stable microwaveable meals, stews, chilies, hash, meat spreads,
flour and corn tortillas, salsas, and tortilla chips in the retail
market. The Refrigerated Foods segment provides branded and unbranded
pork and beef products for retail, foodservice, and fresh product
customers. The Jennie-O Turkey Store segment offers branded and
unbranded turkey products for retail, foodservice, and fresh product
customers. The Specialty Foods segment is involved in the packaging and
sale of various sugar and sugar substitute products, salt and pepper
products, liquid portion products, dessert mixes, ready-to-drink
products, sports nutrition products, gelatin products, and private label
canned meats to retail and foodservice customers. The International and
Other segment manufactures, markets, and sells its products
internationally.
To review Hormel’s stock, please take a look at the 10-month chart of
HRL (Hormel Foods Corporation) below with my added notations:
The $44 level (blue) was clearly a key point of resistance for HRL
from August through mid-November. In addition, the stock formed a
trendline of support (red) starting back at the end of August. These two
levels combined had HRL stuck within a common chart pattern known as an
ascending triangle. The stock broke through the $44 level to a new
52-week high towards the end of November and has now pulled back to that
level.
The Tale of the Tape: HRL broke the resistance of
its ascending triangle. A long trade could be made on a pull back to
$44. A break back below the $44 level would possibly negate the forecast
for a move higher.
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