Skip to main content

Hormel Foods Corp. (Friday’s close $37.96) had a sharp rise from US$25.06 to US$45.72 from early 2015 to early 2016 (A-B) and then reversed this trend as it fell below its 40-week moving average (40wMA – C). The stock stayed below a falling trend-line for almost two years (dotted line) but rallied above its 40wMA in late 2017 to signal the end of the down-trend (D).

The recent price action of higher lows (solid line) as well as the rise above ±US$38 (E – shaded area) signal the breakout and the start of a new up-leg. Only a decline below ±US$35 would be negative.

Point & Figure measurements provide targets of US$43 and US$47. Higher targets are visible.

Open this photo in gallery:

Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

Report an editorial error

Report a technical issue

Editorial code of conduct

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 21/11/24 6:30pm EST.

SymbolName% changeLast
HRL-N
Hormel Foods Corp
+0.93%30.5

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe