Leading frozen food producer and distributor, Lamb Weston Holdings Inc (LW), is falling sharply after reporting earnings. The stock is trading lower by 10.6% to $68.01 a share despite beating Q4 estimates. The stock is now trading below its important 200-week moving average. This puts the stock in a weak technical position on the charts. Traders should look for lower share prices in the near term.
The next major support level for the Lamb Weston Holdings Inc (LW) will be around the $60.00 area. This level is where the stock staged a reversal pivot back in August 2020. Often, stocks will be defended around major reversal levels. The area is also a major retrace level which adds to the strength of the support level. I will look to be a buyer of Lamb Weston Holdings Inc (LW) stock around this key level.
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