This may be a profitable long shot.
Hormel Foods (HRL) is at an interesting juncture.
Basically HRL has retraced 50% of the 4 year run-up from October 2017.
A Harmonic pattern would suggest a possible pause and reversal here.
Additionally CD is a 1.41 extension of the AB leg which is marked.
2 caveats:
1) This is a weekly chart and could take a while to to materialize and
2) Support is needed from general market which are currently in flux and need stable political and economic stability.
A would suggest that a high volume weekly close over $42,26 may be enough to reverse HRL's direction.
Please don't chase and keep an eye which direction the wind is blowing from.
As always not investment advice and do your own homework.
A sustained break of current levels probably targets the $38.50 region.
Targets etc. are marked.
S.
Hormel Foods (HRL) is at an interesting juncture.
Basically HRL has retraced 50% of the 4 year run-up from October 2017.
A Harmonic pattern would suggest a possible pause and reversal here.
Additionally CD is a 1.41 extension of the AB leg which is marked.
2 caveats:
1) This is a weekly chart and could take a while to to materialize and
2) Support is needed from general market which are currently in flux and need stable political and economic stability.
A would suggest that a high volume weekly close over $42,26 may be enough to reverse HRL's direction.
Please don't chase and keep an eye which direction the wind is blowing from.
As always not investment advice and do your own homework.
A sustained break of current levels probably targets the $38.50 region.
Targets etc. are marked.
S.