Bearish – HRL $38.86 – Consumer Staples
The bearish DailyPlay we chose for Wednesday, May 29th is Hormel (HRL). HRL is part of the Consumer Staples Sector (XLP). XLP has rallied 1.80% higher over the past month but its 1m and 6m trend turned bearish and neutral yesterday and just broke below its $57 support level.
Hormel’s 1m and 6m trends turned bearish yesterday while bouncing lower off its $40 resistance level. With a technical score of 4 (out of 10), HRL is a weak stock that will likely continue lower.
As a stop loss, if HRL was to trade above $40 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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