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Downtrend ResistanceArchive
- 4/26/2024 -
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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 0.58 points, or 1.67%, and closed at 35.32 on Friday, April 26, 2024. Weekly volume was -28% below average.
 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 downtrend resistance line (25.54) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. HRL may retest the broken resistance line. It is considered to be a support line now. 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. The price is now at the 9.08% retracement level.
 Weekly Technical Indicators: [See HRL weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and 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 links to access Lane's Stochastic and Williams' Percentage Range help.
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 35.87 on April 25, 2024. HRL gained -2.67 points, or -8.04%, in 55 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 33.93 and resistance is at 35.74. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See HRL daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
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