Hormel Foods Corporation Stock Forecast
Hormel Foods Corporation stock downgraded from Strong Buy Candidate to Buy Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The Hormel Foods Corporation stock price fell by -0.93% on the last day (Thursday, 25th Apr 2024) from $35.60 to $35.27. During the last trading day the stock fluctuated 1.92% from a day low at $35.20 to a day high of $35.87. The price has risen in 5 of the last 10 days and is up by 0.92% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -458 thousand shares and in total, 2 million shares were bought and sold for approximately $59.48 million.
The stock lies in the middle of a strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 21.70% during the next 3 months and, with a 90% probability hold a price between $41.29 and $44.46 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
HRL Signals & Forecast
The Hormel Foods Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $34.90 and $34.57. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -0.93%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Hormel Foods Corporation stock
Hormel Foods Corporation finds support from accumulated volume at $34.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.675 between high and low, or 1.92%. For the last week the stock has had daily average volatility of 1.85%.
Our recommended stop-loss: $33.78 (-4.23%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (HRL) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Hormel Foods Corporation to open at $35.44, and during the day (based on 14 day Average True Range), to move between $34.66 and $35.88, which gives a possible trading interval of +/-$0.607 (+/-1.72%) up or down from last closing price. If Hormel Foods Corporation takes out the full calculated possible swing range there will be an estimated 3.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $35.31 (0.11%) than the support at $34.35 (2.61%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Hormel Foods Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Hormel Foods Corporation stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.477 Buy Candidate Downgraded
Predicted Opening Price for Hormel Foods Corporation of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $35.44 ( 0.496%) | $35.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HRL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.12 | 2.41 % | |
| R2 | 35.86 | 1.68 % | ||
| R1 | 35.70 | 1.23 % | ||
| Current price: | 35.27 | |||
| Support | S1 | 35.19 | -0.235 % | |
| S2 | 35.03 | -0.686 % | ||
| S3 | 34.77 | -1.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.60 | 0.94 % | |
| R2 | 35.32 | 0.142 % | ||
| R1 | 35.31 | 0.113 % | ||
| Current price | 35.27 | |||
| Support | S1 | 34.35 | -2.61% | |
| S2 | 34.19 | -3.06% | ||
| S3 | 33.37 | -5.39% |
HRL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 25, 2024 | Apr 12, 2024 | May 15, 2024 | $0.283 | 0.80% |
| 2 | Jan 12, 2024 | Jan 12, 2024 | Feb 15, 2024 | $0.283 | 0.97% |
| 3 | Sep 25, 2023 | Oct 13, 2023 | Nov 15, 2023 | $0.275 | 0.84% |
| 4 | May 22, 2023 | Jul 14, 2023 | Aug 15, 2023 | $0.275 | 0.683% |
| 5 | Mar 27, 2023 | Apr 14, 2023 | May 15, 2023 | $0.275 | 0.694% |
FAQ
Click here for our free guide on how to buy Hormel Foods Corporation Stock.
