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Hormel Foods (HRL) Slides, Here’s The Trade

Leading food company, Hormel Foods Corp (HRL), has been declining since April 20, 2020. At that time, the stock traded as high as $50.83 a share. Today, $HRL stock is trading lower by 0.75 cents to $45.86 a share. Traders should note that HRL stock is now testing it’s 50-day moving average. This is near term support for the stock, but a better and stronger level should be lower around the $42.50 area. This key support area was where the stock broke out on March 26, 2020. Often, when stocks retest prior break-out levels they will find major institutional sponsorship. I’ll be keeping this stock on my radar when it trades down to this important level.

Bullseye Trading Alerts captured another profit today for members. It’s now up over 100% in 2020. Check it out here!